Tech Mahindra to buy back shares at 14.59% premium

IT firm Tech Mahindra on Thursday announced a Rs 1,956-crore buyback of its shares at Rs 950 apiece, a 14.59 per cent premium over current trading price. The share buyback proposal has been approved by the company’s board. The firm is proposing to buy back up to 2.05 crore (2,05,85,000) equity shares at a price of Rs 950 per equity share for an aggregate amount not exceeding Rs 1,956 crore, Tech Mahindra said in a regulatory filing.

March 6, 2019, is the record date for the purpose of ascertaining the eligibility of shareholders to participate in the buyback, it added.