TCS surges 4%; sets Nov 25 as record date for Rs 17,000-crore buyback issue

Shares of Tata Consultancy Services (TCS) jumped 4 per cent to Rs 3,523.20 on the BSE in Thursday’s intra-day trade after the company fixed November 25 as the record date for its Rs 17,000-crore share buyback.

The company will buy back up to 40.9 million shares, about 1.12 per cent of its total equity, for Rs 4,150 apiece. This is the fifth share buyback of TCS in the last six years.

The buyback shall be done on a proportionate basis through the tender offer route.