The board of Tata Investment Corporation (TIC) on Friday approved a ₹450-crore buyback plan. According to the proposal, the company will buy back up to 45 lakh shares, representing 8.17 per cent of the total paid-up equity share capital, at ₹1,000 a share, TIC said in a regulatory filing.
The buyback will be on proportionate basis through the tender offer route using the stock exchange mechanism in accordance with SEBI guidelines, it added.
The size of the buyback does not include any expenses incurred or to be incurred in the exercise such as fees for filing and advisory, public announcement publication expenses, printing and dispatch expenses, it added.
The company said the buyback is subject to approval of its shareholders to be taken as a special resolution through postal ballot.