Now LIVE: Buyback of shares by TCS
The TCS (Tata Consultancy Services) buyback offer at ₹4150 per share opened on 1st December 2023 and closes on 7th December 2023.
What is a buyback and why should you opt for it?
Its a corporate action where a company offers to buyback its shares from the existing shareholders usually at a higher price than the market price.
To learn more about a buyback, click here.
What does this mean for TCS shareholders?
Existing TCS shareholders holding TCS shares as of 25th November 2023 (which is the record date) can offer to sell their shares back to TCS for ₹4150 per share by applying to their buy-back offer on or before 7th December 2023.
How to apply for a buyback?
- 1️⃣ Login to the Upstox app using your 6-digit PIN or biometrics
- 2️⃣ Go to Account → Profile → My Account → Actions → Corporate Actions → Buyback
- 3️⃣ Select the required stock for buyback
- 4️⃣ Enter the quantity and click on apply
- 5️⃣ If you have submitted your POA or enabled DDPI, then the buyback will be auto confirmed
If you are applying via a CDSL TPIN, click on ‘Continue to CDSL TPIN’ . If you do not have a TPIN, scroll down and select ‘Generate TPIN on CDSL’. Enter the TPIN and approve the transaction. Your buyback order will be confirmed and you can check the order status under the ‘Orders placed’ tab
If you’re using an old Upstox app, click here: How to apply for Buy-backs/Takeover/Delisting?
When can you apply?
Apply for this buyback before 7th December 2023
What to keep in mind while applying?
- 🔹 You can only apply for this buyback if you hold shares of TCS in your Demat account as on 25th November 2023
- 🔹 You shouldn’t sell these shares on or before 7th December 2023 if you’re interested to take part in the buyback offer
- 🔹 After applying and offering your shares up for a buyback, you cannot sell them in the market and modify or cancel your original bid
- 🔹 You can only sell these shares in the market If the company cancels the buyback and you receive your shares back from the company
- 🔹 You will receive the buyback amount for the shares from TCS/ Registrar & Transfer Agent (RTA) directly into your bank account (this will be updated in the records of the depository as well).
- 🔹 A total of 4,09,63,855 shares will be accepted by TCS for the buyback and the remaining shares not accepted by TCS will be returned back to shareholders in their Demat account.
- 🔹 On 14th December 2023, TCS will credit the payment for the accepted shares and the unaccepted shares will be returned to the user's demat accounts. The percentage of shares accepted will be decided based on the number of retail investors who have applied for the buyback.
That’s all about the TCS buyback, stay tuned for more buyback updates from Upstox!
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