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.
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