Mumbai–IT major Tata Consultancy Services (TCS) on Monday said it will commence its Rs 16,000 crore share buy back program from Thursday.
The company said that it will start the process after securities markets regulator Sebi gave its approval to the share buy back plan.
According to a regulatory filing with BSE, the IT major through letter dated May 12, 2017 has received the final observations from Sebi on the draft letter of offer for the buy back dated April 25, 2017.
“In accordance with the Securities and Exchange Board of India (Buyback of Securities) Regulations, 1998, the company will dispatch the Letter of Offer for the Buyback to eligible shareholders appearing on the record date of May 8, 2017, on or before May 16, 2017,” the company said in the filing.
On February 20, 2017, the global software major announced that it will buy back up to 5.61 crore equity shares of Re 1 face value for Rs 16,000 crore.