TCS shareholders approve up to Rs 16,000-crore share buyback plan

India’s largest IT services firm Tata Consultancy Services (TCS) on Wednesday said its shareholders have approved its up to Rs 16,000 crore share buyback plan.

Last month, TCS’ board of directors had approved a proposal to buy back up to 5,33,33,333 equity shares of the company for an aggregate amount of up to Rs 16,000 crore.

“….the members of the company have duly passed the special resolution approving the Buyback,” TCS said in a regulatory filing on Wednesday.

The voting, which started on October 20 and ended on November 18, saw 99.57 per cent of the votes being cast in favour of the buyback offer.