The buyback by Tata Consultancy Services (TCS) has seen record participation from investors surpassing the previous record made in 2020. TCS buyback saw participation from 223,875 investors. It is only the third day of the buyback window. The previous highest participation in TCS buyback was 195,470 investors in 2020. TCS has offered to buy back up to 40 million shares of the company at a floor price of ₹4,500 each share. Participation from retail investors and mutual funds was high. Data from the exchanges showed that retail investors had tendered 8.5 million shares out of the total 15.2 million shares offered to the company so far. Mutual funds had offered around 5.1 million shares of in three days so far.
The buyback window will close on March 23.
This is the fourth buyback offer from TCS in recent years. The IT major’s last buyback between December 18, 2020 and January 1, 2021 was for ₹16,000 crore. Besides this, it has previously acquired shares worth ₹8,260 crore and ₹13,000 crore.