Tata Investment Corporation informed the BSE that the board approved the buyback of up to 450 million equity shares in the meeting held on Friday for an aggregate amount of Rs 4.5 billion.
The board approved the buyback of the shares amounting to 8.17 per cent of the total paid-up equity share capital at Rs 1,000 per equity share, the firm said in the regulatory filing.
The buyback is proposed to be made from the shareholders of the company on a proportionate basis under the tender offer route using the stock exchange mechanism in accordance with Securities and Exchange Board of India’s guidelines and the Companies Act, it said.
The buyback size does not include any expenses incurred or to be incurred for the buyback such as fees for filing and advisory, public announcement publication expenses, printing, dispatch expenses and other related spends, the company said in the filing.
Tata Investment Corporation also made it clear in the filing that the buyback was subject to approvals of the members by means of a special resolution through a postal ballot and that the announcement setting out the process, timelines and other requisite details would be released in due course in accordance with buyback regulations.