Tata Consultancy Services (TCS) has set the acceptance ratio of its buyback issue at around 35 per cent, said multiple investors who offered their shares.
Acceptance ratio refers to the number of shares accepted for purchase by the company compared to the number of shares tendered. The ratio during the 2022 buyback was 24 percent.
For small shareholders, the ratio of buyback (i.e. the number of shares eligible to be tendered for the number of shares held) was set at one share for every six shares held as on the record date. For other shareholders, it was two shares for every 209 shares they held.
The company planned to buyback 4.09 crore shares at Rs 4,150 per share and received bids for 26 crore shares.