Updated By: LatestGKGS Desk
TCS became first Company to close over Rs. 7 Trillion Market Capitalisation
TCS became first Company to close over Rs. 7 Trillion Market Capitalisation After Buyback Announcement
India's IT giant Tata Consultancy Services (TCS) became the first listed company in India to close days trade with the market capitalisation (M cap) of over Rs. 7 lakh crore (over $103 billion) on 16th June 2018.
M cap is the value of a company that is traded on a stock market, calculated by multiplying the total number of shares by present share price.
TCS achieved this feat after its board approved share buyback of 76,190,476 equity shares of Rs. 1 face value at Rs. 2,100 per share for about Rs. 16,000 crore (over $2 billion). The buyback size was 1.99% of the total paid-up equity share capital.
This is the second time the global software major resorted to buying back its shares after it bought 5.61 crore shares in April 2017 for Rs. 16,000 crore at Rs. 2,850 per share.
The buyback was made from shareholders of Company on the proportionate basis under tender offer route using stock exchange mechanism in accordance with provisions contained in SEBI (Buy Back of Securities) Regulations and Companies Act, 2013 and rules made thereunder.
Tata Consulting Services (TCS)
Industry: IT services, IT consulting
Founded: 1968
Founder: J. R. D. Tata & F.C. Kohli
Headquarters: Mumbai, Maharashtra, India
Chairman: Natarajan Chandrasekaran
CEO & MD: Rajesh Gopinathan
Services: IT, business consulting and outsourcing services
