To mark the tenth anniversary of its initial public offering in 2004, IT bellwether Tata Consultancy Services has announced a one-time bonus of Rs 2,628 crore ($423 million) to its employees.

The company will pay staff one week salary for every year served as one-time bonus. All employees who have completed atleast one year of service will be eligible for this one time bonus.

N Chandrasekaran, CEO & MD, TCS, said, "This special reward to employees acknowledges the role they have played in building TCS into one of the most respected and valued technology services in the world."



TCS will be announcing its fourth quarter results later today.

On Thursday, TCS's stocks on BSE closed 1.5% lower at Rs 2,585 apiece.