Before the Rs. 16,000 crore mega buyback by TCS opens tomorrow until September 21, 2018, there will be conducted a mock bidding session on the NSE today. Here are some fine details about the offer and whether or not you should be tendering TCS shares held in your portfolio during the offer:
Buyback offer size: Rs. 16,000 crore
Earlier buyback: In the previous year i.e. 2017, TCS thrown open buyback tender facility of the same scale.
Record date: For the buyback, the company decided the record date of August 18, 2018. It is the date as on which shareholders who hold shares of TCS are only eligible or allowed to tender shares during the buyback. JM Financial Services Ltd is the merchant banker to the share repurchase while Link Intime India Pvt Ltd was the registrar to the issue
No of equity shares that TCS will re-purchase from its shareholders goes upto 7.61 crore shares
Buyback share price : Rs. 2,100 for a share
Eligible participants in the TCS share buyback: An NSE circular in this reference stated that all trading members of the capital market are eligible to participate in the tender offer..The trading members making use of the web-based IPO bidding through their user Ids login to access the tender offer facility.
Bid time: For tendering shares, individuals can make their bids between 9:15 am to 3:30 pm, on all the dates between September 6 and 21, except for 13 and 20 September. Both the dates (Thursday) are excluded from the issue period.
Trading members can bid for the offer through the provided link https://www.nseindiaipo.com whereas other members have been allowed to participate via the admin terminal. As per the NSE circular, members will need to login into the admin terminal and establish branches as well as users for participating in the bidding. Also, the circular added that for logging into the web-based IPO bidding platform, the user Id will be Adminxxxxx, where xxxxx is the member.
Notably, the security symbol to participate in the TCS buyback is TCS while in case of the mock session, the symbol is MOCKTCS and the session will remain open today from 10:00 am to 5:00 pm.
So, investors who had even purchased the share of TCS on August 17 at a day's high price of Rs. 2021.15 will be able to make a profit of close to 4% by tendering their shares.