Infosys’ Rs 9,200 crore buyback to open on Friday

Infosys’ Rs 9,200 crore buyback to open on Friday

Infosys, India’s second largest software services exporter, share buyback plan worth Rs 9,200 crore will open on Friday.
The company had approved its plan to buy back shares at a maximum price of Rs 1,750 per piece during the fourth quarter results of FY21.
Infosys’ board had granted approval for the buyback on April 14 and the shareholders’ approval was received on June 19.

The IT major announced that Kotak Mahindra Capital Company Ltd has been appointed the manager of the buyback and that the date of commencement for the same has been set for June 25. The last date for the buyback has been set as December 24, which is six months from the date of the opening, or when the company completes the buyback — whichever is earlier.

Subject to the market price of the equity shares being equal to the maximum buyback price, the indicative maximum number of equity shares bought back would be 5,25,71,428 equity shares, comprising approximately 1.23% of the paid-up equity share capital of the company as of March 31, 2021.

Disclaimer –
This document is meant for the recipient only for use as intended and not for circulation. This document should not be reproduced or copied or made available to others. The information contained herein is from the public domain or sources believed to be reliable. While reasonable care has been taken to ensure that information given is at the time believed to be fair and correct and opinions based thereupon are reasonable, due to the very nature of research it cannot be warranted or represented that it is accurate or complete and it should not be relied upon as such. Also above note is not a recommendation to Buy or SELL and is only a view based on facts and figures and we will be in no way responsible for any losses incurred by anyone who uses this information to either trade or invests securities mentioned herein.