TCS board has approved Rs 18,000 crore share buyback at a price of Rs 4,500. This price is at a premium of around 15 per cent to the current market price of Rs 3,950.
The country's largest software services firm had logged a net profit of Rs 8,701 crore in the year-ago period.
TCS' previous buyback offer of about Rs 16,000 crore had opened on December 18, 2020, and closed on January 1, 2021.
On Wednesday, the TCS Board had approved an upto Rs 18000 crore buyback offer entailing 4 crore shares at Rs 4,500 apiece.
TCS' revenue from operations rose 4.3 per cent sequentially to Rs 48,885 crore. Its revenue in constant currency terms advanced 15.4 per cent (Y-o-Y).
The Board of Directors will consider a proposal for buyback of equity shares of the Company, at its meeting to be held on January 12, 2022.
The company, the cash cow of the over $100 billion Tata Group, witnessed a 16.3 per cent jump in its revenue to Rs 48,885 crore for the reporting quarter.
Launched in 2008, the Passport Seva Program saw TCS transforming the delivery of passport-related services, digitising the processes, and setting global benchmarks in timeliness, transparency, and reliability.