Mumbai, Oct 7 (IANS): The Board of Tata Consultancy Services (TCS) on Wednesday approved the proposal to buyback over 5.33 crore equity shares for up to Rs 16,000 crore.

The buyback price would be Rs 3,000 per share, the company said in a regulatory filing.

"The Board of Directors of the company at its meeting held today has approved a proposal to buyback up to 5,33,33,333 equity shares of the company for an aggregate amount not exceeding Rs 16,000 crore, being 1.42 per cent of the total paid-up equity share capital, at Rs 3,000 per equity share," it said.

The buyback, proposed to be made from the shareholders of the company on a proportionate basis under the tender offer route using the stock exchange mechanism, is subject to approval of the members by means of a special resolution through a postal ballot.

On Wednesday, TCS shares on the BSE closed at Rs 2,737.40, higher by Rs 21.25 or 0.78 per cent from the previous close.