Tata Consultancy Services to discuss buyback on February 20

Tata Consultancy Services on Thursday said that it would consider buyback of equity shares of the company at its upcoming meeting on February 20.

“Tata Consultancy Services Ltd has informed BSE that the Board of Directors will consider a proposal for buyback of equity shares of the Company at its meeting to be held on February 20, 2017,” TCS said in a BSE filing.

Shares of the company opened at Rs 2,470.7 per share on BSE Sensex but quickly fell to Rs 2,452 a share. It was trading up 1.44% from its last trade price to Rs 2,450.50 at 1021 hours today.

N Chandrasekaran, who is slated to take over as Tata Group chief, said in an interview with CNBC-TV that the company had received suggestions from investors over the need for certainty on dividend policy along with share buyback to distribute the cash.

He also added that over the years, TCS has been increasing its dividend payments to shareholders.