Tata Investment Corporation board okays buyback of 45 lakh shares of Rs 450 crore

Tata Investment Corporation Friday said the board has approved buyback of up to 45 lakh shares aggregating a sum of Rs 450 crore.

The board of directors of the company at its meeting held Friday approved the buyback of the shares amounting to 8.17 per cent of the total paid-up equity share capital at Rs 1,000 per equity share, Tata Investment Corporation said in a regulatory filing.

The buyback is proposed to be made from the shareholders of the company on a proportionate basis under the tender offer route using the stock exchange mechanism in accordance with the SEBI guidelines, it added.

The size of the buyback does not include any expenses incurred or to be incurred in the exercise such as fees for filing and advisory, public announcement publication expenses, printing and dispatch expenses, it added.

The company said the buyback is subject to the approval of its shareholders to be taken as a special resolution through a postal ballot.