Tata Consultancy Services (TCS) share price may have hit a record high post buyback approval, but there was one stock that spiked over a whopping 15 per cent minutes after the IT major laid out the details of its own buyback scheme. The stock is none other than Tata Investments, one of the promoters of TCS. 

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Tata Investments stock gained as much as 15.53 per cent to Rs 944 on the BSE. The scrip settled at Rs 908.10, up 11 per cent.

Earlier, the TCS board approved share buyback of up to Rs 16,000 crore. The buyback, at Rs 2,100 per equity share, involves sale of up to 7.61 crore shares or 1.99 per cent of the total paid up equity share capital.

Experts believe the buyback size indicates promoters may also participate in the buyback. Tata Investment Corporation is one of the promoters and owns 10,54,220 shares of TCS. As the company is in need of cash, it may participate in the buyback, said experts.    

"...Board of Directors of the company at its meeting held today...Has approved a proposal to buyback up to 7.61 crore equity shares...Of the company for an aggregate amount not exceeding Rs 16,000 crore...," TCS said in a regulatory filing.

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The announcement follows a similar share purchase done by the company last year. Last year, TCS had undertaken a Rs 16,000-crore mega buyback offer, entailing 5.61 crore shares at a price of Rs 2,850 per scrip.

During its Q4 FY18 earnings call, TCS CEO Rajesh Gopinathan had said the company's intention is "to keep capital return close to 80-100 per cent of annual free cash flow".