TCS To Consider Share Buyback On Jan. 12

TCS will also announce its third-quarter results on Jan. 12.

Darshan A Nakhwa @DANakhwa

07 Jan 2022, 06:15 PM IST

<div class="paragraphs"><p>An employee walks past a signage for Tata Consultancy Services Ltd. at the company’s Synergy Park campus in Hyderabad, India. (Photographer: Namas Bhojani/Bloomberg)</p></div>

An employee walks past a signage for Tata Consultancy Services Ltd. at the company’s Synergy Park campus in Hyderabad, India. (Photographer: Namas Bhojani/Bloomberg)

Tata Consultancy Services Ltd. will consider buying back shares next week, in a bid to reward shareholders.

"The board of directors will consider a proposal for buyback of equity shares of the company at its meeting to be held on Jan. 12, 2022," it said in an exchange filing, without elaborating.

This is the fourth share buyback by India's largest information technology company by market cap since 2017. It had repurchased Rs 16,000 crore worth of shares in January 2021, of which almost Rs 1,000 crore came from Tata Sons Pvt. In 2018, the company had bought back shares worth Rs 16,000 crore, and had conducted a similar programme in 2017.

TCS will also announce its third-quarter results on Jan. 12.

Shares of TCS closed 1.35% higher on Friday compared to a 0.38% rise in the Nifty 50.