TCS slumps 2 per cent ahead of Rs 18,000 crore share buyback
Feb 21, 2022
Mumbai (Maharashtra) [India], February 21 : The share price of Tata Consultancy Services (TCS) fell around 2 per cent on Monday, which is the last day for retail investors to participate in the company's Rs 18,000 crore share buyback plan.
TCS has set February 23, 2022, as the record date to identify investors who will be eligible to participate in the stock buyback plan. If a retail investor wishes to participate in the buyback offer, February 21 is the last opportunity to buy. In order to be eligible to participate in the share buyback, the stock should be in the investors' Demat account on the record date.
Trading in TCS shares started on a positive note on Monday. However, the scrip slipped into the red in tandem with the benchmark indices.
At 15.04 pm at the BSE, TCS was trading at Rs 3,725, which is Rs 69.80 or 1.84 per cent down from its previous session's close at Rs 3794.80. The share price of TCS slumped to a low of Rs 3705.80 in the intra-day.
On January 12, 2022, the board of directors of TCS approved a proposal to buy back up to 4 crore shares for an aggregate amount not exceeding Rs 18,000 crore.
The company plans to buy back shares from investors at Rs 4,500 per share which is at a premium of around 20 per cent to Monday's price of Rs 3,725.
