ICICI Securities Ltd | Retail Equity Research TCS board has approved a proposal to buy back shares worth | 16,000 crore on a proportionate basis under the tender offer route. TCS will repurchase 5.6 crore of shares (2.85% of its equity) at | 2,850/share. While the buyback should be broadly EPS neutral, the return ratio should improve, going forward, with better utilisation of cash. Furthermore, with 40% dividend payout in 9MFY17 & buyback equivalent to 55% of FY18E EPS, we would be closely watching TCS' capital allocation strategy to...