Shares of Tata Consultancy Services (TCS) added nearly 2 percent in the early trade on December 18 as company's Rs 16,000 crore share buyback offer opened for investors today. This is the third share buyback offer from the company after August 2018 and May 2017.

 TCS has decided to buyback upto 5,33,33,333 equity shares and the floor price for this offer has been fixed at Rs 3,000 per share. The buyback offer, according to the schedule, will close on January 1, 2021.

Market experts advised investors to tender their shares in the buyback offer if they want to hold for less than one year period given the good price offered by the company. 

Reacting to the development, shares of Tata Consultancy Services was trading at Rs 2,883, up 1.58 percent on the National Stock Exchange. At around 10.30 am,  The stock hit an intraday high and low of  Rs. 2894 and Rs.2855 respectively.  

Sensex, Nifty Flat; IT Stocks sparkle

Indian spot rate: Increase In Gold Prices, Silver Remains Steady

Private Equity investments decline 27pc to USD3.9 billion in November