Tata Consultancy Services Limited (NSEI:TCS) announces a share repurchase program. Under the program, the company will repurchase up to 40,000,000 shares, representing 1.08% of its issued share capital, for total worth of INR 180,000 million. The shares will be repurchased at a price of INR 4,500 per share.

The purpose of the program is returning excess cash to shareholders, thereby increasing shareholder value in the longer term and improving the return on equity. The repurchases will be sourced out of the free reserves of the company (retained earnings) and/or such other source as may be permitted by the Buyback Regulations or the Act. The program is subjected to approval of the shareholders by means of a special resolution through a postal ballot.

The program is valid till 12 months from the date of passing of Special Resolution by the Member, until March 23, 2022. As of January 7, 2022, the company had 3,699,051,373 shares are issued and outstanding.