TCS share buyback 2018 will begin from Thursday, 6 September and the Tender Offer Facility will remain open till Friday, 21 September 2018. In TCS share repurchase, the most awaited share buyback of 2018, India’s largest IT services company will be spending about Rs 16,000 crore in order to buyback as much as 7.61 crore equity shares at a share price of Rs 2,100. Prior to the mega share buyback, a mock bidding session will be conducted on National Stock Exchange on Wednesday, 5 September 2018.
All trading members of the capital market segment are eligible to participate in the Tender Offer Facility, an NSE circular said. Trading members already using the web-based IPO bidding platform can use their existing user ids for login into the ‘Tender Offer Facility’, the circular added.
TCS share buyback: Bidding time, live URL, mock bidding, other details
According to the NSE circular, the issue period for tendering TCS shares in TCS share buyback programme will be from 6 to 21 September 2018 and the bidding time will be from 9:15 am to 3:30 pm, applicable on all dates excluding 13 and 20 September. Two dates, 13 and 20 September (both Thursdays), are excluded from the issue period. All the trading members can participate in the bidding process through this link: https://www.nseindiaipo.com/ (Live URL for trading members).
For members who don’t have access to the system, exchange has enabled the admin terminal. Members will have to login into the admin terminal and create branches and users to participate in the bidding, NSE circular said. The user id for login into the web based IPO bidding platform would be Adminxxxxx (where xxxxx is the member), NSE circular added.
With regard to the mock bidding session, to be conducted on 5 September, the bidding time will be from 10:00 am to 5:00 pm. Users can participate in the mock bidding session through this link: https://126.96.36.199/eipo/bidux/login.jsp (mock URL for members). The security symbol for participating in TCS share buyback is TCS while security symbol to participate in mock bidding is MOCKTCS.
Earlier in June this year, TCS announced a massive share buyback of Rs 16,000 crore following the successful completion of share repurchase of similar quantum in the previous year. The record date for the said buyback was fixed as 18 August 2018. JM Financial Services Ltd was appointed as the merchant banker to the share repurchase and Link Intime India Pvt Ltd was the registrar to the issue.