The last buyback of the company, worth Rs 16,000 crore, was opened on December 18, 2020 and closed on January 1, 2021.
Tata Consultancy Services (TCS), India’s largest IT services company, on January 7 announced that its board of directors will consider a share buyback proposal on January 12. The software services major is already slated to release its Q3FY21 (October-December period) results on that day.
The last buyback of the company, worth Rs 16,000 crore, was opened on December 18, 2020 and closed on January 1, 2021.
“Pursuant to Regulation 29(1 )(b) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, this is to inform you that the Board of Directors will consider a proposal for buyback of equity shares of the Company, at its meeting to be held on January 12, 2022,” TCS said in a stock exchange filing.
That apart, TCS will also consider declaration of third interim dividend to the equity shareholders during the board meeting.
This will be the fourth buyback by the IT bellwether. Before this, TCS has conducted three buybacks in its history – in 2017, 2018 and 2020. Interestingly, all the three buybacks have been of Rs 16,000 crore.
India’s largest IT firm had reported a consolidated net profit of Rs 9,624 crore for the quarter ended September 2021 (Q2FY22), registering a 14.1 percent year-on-year (YoY) growth, driven by broad-based demand and resilient margins. The profit was also driven by other income that increased 21.6 percent YoY (up 54.1 percent QoQ).
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Along with TCS, peers Infosys and HCL Technologies are also scheduled to release their Q3 report cards on January 12.Meanwhile, TCS shares closed 1.35 percent higher at Rs 3,858.90 on NSE on January 7.
