TCS Buyback: Tata Sons Sold Shares Worth Rs 10,000 Crore

During Tata Consultancy Services' (TCS) Rs 16,000 crore-buyback offer that concluded recently, Tata Sons tendered shares worth Rs 9,997 crore.

As the single largest of the IT major, Tata Sons tendered more than 33.3 million shares during the offer, according to a regulatory filing.

At the share buyback, TCS said over 53.3 million equity shares were bought back at a price of Rs 3,000 apiece and of the total, Tata Sons' 3,33,25,118 shares were accepted as part of the offer.

The offer was open from 18 December 2020 to 1 January 2021, wherein the total amount utilised for the buyback offer was around Rs 16,000 crore.

The shares tendered by Tata Sons were worth Rs 9,997.5 crore.

Among other large shareholders, Life Insurance Corporation of India (LIC) and RBC Emerging Markets Equity Fund tendered around 1.66 million shares and 769,000 shares of TCS, respectively.

Late last year, TCS CEO and Managing Director Rajesh Gopinathan said the company is focused on its policy to return capital to shareholders.

The Mumbai-based company's cash reserves stood at Rs 58,500 crore as of September 2020.

In October 2019, TCS' board declared a special dividend of Rs 40 per equity share.