TCS' equity capital increases to Rs 220 cr
Tata Consultancy Services on said its equity capital has risen to Rs 220 crore from the existing Rs 120 crore pursuant to the allotment of 100 crore redeemable preference shares of Re 1 each at par to Tata Sons.
By PTI |
MUMBAI: IT firm Tata Consultancy Services (TCS), belonging to Tata Group Wednesday said its equity capital has risen to Rs 220 crore from the existing Rs 120 crore pursuant to the allotment of 100 crore redeemable preference shares of Re 1 each at par to Tata Sons.
The said redeemable preference shares are not being listed on any stock exchange, the company said in a filing to the Bombay Stock Exchange.
A Committee of Directors had approved the allotment of redeemable preference shares of Re 1 each at par to Tata Sons at its meeting on March 28, it said.
Earlier, the shareholders had approved increase in the authorised equity capital by way of a postal ballot, result of which was announced on March 24.
The authorised share capital rose from Rs 120 crore, divided into 120 crore equity shares of Re 1 each, to Rs 220 crore divided into 120 crore shares of Re 1 each and 100 crore redeemable preference shares of Re 1 each, it said.
The redeemable preference shares would be entitled to a fixed cumulative dividend of 1 per cent per annum and a variable non-cumulative dividend of 1 per cent of the difference between the rate of dividend declared during the year and the average rate of dividend declared for the three years preceding the year of issue of the redeemable preference shares, it said.
Shares of the company closed at Rs 850.85 at the BSE, up 1.92 per cent from the previous close.
The said redeemable preference shares are not being listed on any stock exchange, the company said in a filing to the Bombay Stock Exchange.
A Committee of Directors had approved the allotment of redeemable preference shares of Re 1 each at par to Tata Sons at its meeting on March 28, it said.
Earlier, the shareholders had approved increase in the authorised equity capital by way of a postal ballot, result of which was announced on March 24.
The authorised share capital rose from Rs 120 crore, divided into 120 crore equity shares of Re 1 each, to Rs 220 crore divided into 120 crore shares of Re 1 each and 100 crore redeemable preference shares of Re 1 each, it said.
The redeemable preference shares would be entitled to a fixed cumulative dividend of 1 per cent per annum and a variable non-cumulative dividend of 1 per cent of the difference between the rate of dividend declared during the year and the average rate of dividend declared for the three years preceding the year of issue of the redeemable preference shares, it said.
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Shares of the company closed at Rs 850.85 at the BSE, up 1.92 per cent from the previous close.
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