
TCS buyback: IT major trades ex-date; stock down 1%
TCS shares declined 1.2% to hit a low of ₹3,468 as the stock turned ex-date for share buyback today.
TCS shares declined 1.2% to hit a low of ₹3,468 as the stock turned ex-date for share buyback today.
Larsen & Toubro has raised the buyback price from ₹3,000 to ₹3,200 per share, while it reduced size to 3.12 crore from 3.33 crore earlier.
Total equity shares to be bought back as per revised buyback are 34,70,370, representing 2.56% of total shares in total paid-up equity capital
Buyback represents 5.87% of total paid-up equity share capital at ₹1,250 apiece, a 16.51% premium over Friday's closing price
The board of L&T has approved the buyback of equity shares worth ₹10,000 crore at maximum price of up to ₹3,000 per share through the tender offer route.
The board of L&T approved the buyback of up to 3.33 crore equity shares worth ₹10,000 crore at ₹3,000 apiece, a premium of 17% from the current trading price.
The IT major was the top gainer on the BSE Sensex as investors cheered the buyback of 26.96 crore shares at a premium of 19%.
All seven listed public sector undertakings (PSUs) of the Gujarat government were trading in green today after the state unveiled a new policy for dividend, and bonus shares.
A SEBI circular said the restrictions have been set out for the companies undertaking buy-back through the stock exchange route.
On Wednesday, shares of One 97 Communications gained as much as 5.5% to hit an intraday high of ₹541.50 on the BSE.