Tata Sons sells 0.7% stake in TCS in the recent share buyback

TCS had offered to buy 40 million shares from shareholders at Rs 4,500 apiece.

Tata Sons, promoter of Tata Consultancy Services, sold 24.8 million shares of the company through the recently concluded share buyback plan of the information technology major, a disclosure by the company showed.

TCS’ share buyback saw record participation from investors with the company receiving more than seven times the shares it had proposed to buyback from its shareholders.

The company had offered to buy 40 million shares from shareholders at Rs 4,500 apiece, a significant premium to the stock’s market prices.

 

Tata Sons netted close to Rs 11,164 crore from tendering its shares. The inflow of funds is time for Tata Sons given its recent investment in Air India and its other digital ventures.

Tata Investment Corporation, part of the promoter group of TCS, also sold 9,513 shares of the IT company through the share buyback.

At 10:10 am, shares of TCS were up 0.1 percent at Rs 3,736.5 on the National Stock Exchange.

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