TCS shares rise on approval for Rs 16k cr buyback plan

TCS shares rise on shareholders' approval for Rs 16,000 crore buyback plan

TCS' board of directors approved a proposal to buy back up to 5.33 crore equity shares of the company

Credit: Reuters file photo.

Shares of Tata Consultancy Services (TCS) on Thursday rose over 0.5 per cent after its shareholders approved up to Rs 16,000-crore share buyback plan.

On the BSE, it ended at Rs 2,637.05, higher 0.42 per cent. Intra-day, it rose 2 per cent to Rs 2,678.6.

On the National Stock Exchange (NSE), TCS' shares went up by 0.52 per cent to close at Rs 2,640.25.

It rose 1.88 per cent to intra-day high of Rs 2,676.15 on the exchange.

Last month, TCS' board of directors approved a proposal to buy back up to 5,33,33,333 equity shares of the company for an aggregate amount of up to Rs 16,000 crore.

"The members of the company have duly passed the special resolution approving the buyback," TCS said in a regulatory filing on Wednesday.

The voting, which started on October 20 and ended on November 18, saw 99.57 per cent of the votes being cast in favour of the buyback offer.

There was 100 per cent voting in favour of the proposal by the promoters, 98.11 per cent by public institutional shareholders and 98.43 per cent by other shareholders.