India's largest IT services firm Tata Consultancy Services (TCS) on Wednesday said its up to Rs 16,000-crore share buyback programme will commence on December 18 and close on January 1, 2021.

Last month, TCS shareholders had approved a proposal to buy back up to 5,33,33,333 equity shares of the company at Rs 3,000 per scrip for an aggregate amount not exceeding Rs 16,000 crore.

"In accordance with the SEBI (Buy-back of Securities) Regulations, 2018, the Letter of Offer will be dispatched to eligible shareholders on or before December 15, 2020. The record date for this purpose is November 28, 2020...," TCS said in a regulatory filing on Wednesday. It included a schedule of activities related to the buyback, which showed date of opening of the buyback offer as December 18, 2020 and closing as January 1, 2021. The last date of settlement of bids on the stock exchanges is January 12, 2021.

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