Tata Consultancy Services board to consider share buyback on Feb 20

India's largest software company Tata Consultancy Services (TCS) on Thursday said that its board will hold a meeting next week to consider buying back shares from the market.

"We would like to inform you that the Board of Directors will consider a proposal for buyback of equity shares of the company at its meeting to be held on February 20, 2017," Tata Consultancy Services Ltd said in a BSE filing.

As of December quarter, TCS has total cash and investments of Rs 431.69 billion—up from Rs 364.84 billion a quarter ago—according to its investor presentation.

Shares of the company were trading 1.16 per cent higher at Rs 2,443.80 on BSE.