March 1, 2017 / 2:19 PM / 6 months ago

TCS says founders to participate in share buyback

Logos of Tata Consultancy Services (TCS) are displayed at the venue of the annual general meeting of the software services provider in Mumbai, June 29, 2012.Vivek Prakash (INDIA - Tags: BUSINESS TELECOMS LOGO)

MUMBAI (Reuters) - Tata Consultancy Services Ltd (TCS), which plans to buy back shares worth up to 160 billion rupees ($2.39 billion), said on Wednesday the founder group of the company intended to participate in the proposed buyback.

TCS, the country's top software services exporter, is part of the salt-to-software Tata conglomerate, whose holding company is Tata Sons Ltd.

Tata Sons owned 73.26 percent of TCS as of the end of December, according to stock exchange data.

TCS last month approved the buyback of up to 56.1 million shares at 2,850 rupees apiece.

($1 = 66.8350 Indian rupees)

Reporting by Devidutta Tripathy; Editing by Mark Potter

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