Mumbai: Indian IT major Tata Consultancy Services on Friday became the first listed company in India to close the day’s trade with a market capitalisation of over Rs 7 lakh crore (over $103 billion) after the firm’s board approved a share buy back for about Rs 16,000 crore.
On Friday, shares of the company on the BSE ended at Rs 1,841.45 per share, up Rs 49.20 or 2.75 per cent from its previous close.
On NSE, the share price of the company settled higher by 52.45 points or 2.93 per cent at Rs 1,840 per share.
Earlier in the day, the TCS board approved a buy back of 76,190,476 equity shares of Re 1 face value at Rs 2,100 per share for about Rs 16,000 crore (over $2 billion).
“The buy back size is 1.99 per cent of the total paid-up equity share capital,” the company said in a regulatory filing to the BSE.
This is the second time the global software major is resorting to buy back its shares after it bought 5.61 crore shares in April 2017 for Rs 16,000 crore at Rs 2,850 per share.
