TCS could consider buyback in upcoming board meeting on Feb 20
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Tata Consultancy Services (TCS) has informed the BSE in a filing that its board of directors would consider a proposal for buyback of equity shares of the company at its meeting to be held on February 20, 2017.
The buyback, if approved in the board meeting, would be the company's first since its listing in 2004.
Investors have been expecting Indian IT firms to offer buybacks or dividends for a long time as the companies sit over billions in cash.
The filing comes a day after Tata Sons Chairman designate Natarajan Chandrasekaran, during the NASSCOM India leadership forum 2017 in Mumbai, dismissed concerns surrounding the information technology (IT) sector due to regulatory changes in America.
Yesterday, the IT firm's stock closed at 2415.70, up 0.53 per cent, on the BSE.
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