Tata Sons have pocketed Rs 11,164 crore by tendering 24.81 million shares in the Rs 18,000-crore share repurchase program by the group's flagship firm Tata Consultancy Services (TCS). Meanwhile, Life Insurance Corporation (LIC) tendered 1.17 million shares to take home Rs 528 crore.
Small shareholders-those holding shares worth up to Rs 2 lakh-tendered 25.3 million shares in the buyback, 4.22 times the 6 million shares reserved for them in the buyback. All other shareholders tendered 5.7 million, 8.1 times the 34 million shares the company intended to buy back.
A total of 977,300 valid applications were made by small shareholders and another 151,377 applications came from all other categories of shareholders, as per a regulatory filing made by TCS. A total of 40 million shares were bought at RS 4,500 apiece in the buyback, which concluded last week.
Shares of TCS on Monday closed at Rs 3,706.
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