Infosys announces Rs9,300 crore buyback plan; stock rallies ~4%

14 Oct 2022 , 09:41 AM

Infosys Limited informed that in its meeting held on October 10, 2022, the board of directors of the company approved the buyback proposal.

The company has approved the buyback of its own fully paid-up equity shares of the face value of Rs5 each from the equity shareholders of the company. The buyback is equal to 14.84% and 13.31% of its total paid-up capital and free reserves as on September 30, 2022.

At around 9.43 AM, Infosys was trading at Rs1,473.45 per piece, up by 3.78% from its previous closing of Rs1,419.75 on the BSE.

As per the company’s regulatory filing, the aggregate amount of the buyback stands at Rs9,300 crore, which is less than 15% of the aggregate of the total paid-up share capital and free reserves of the company.

The buyback shall be at a price not exceeding Rs1,850 per equity share, via the open market route.

The company also informed that holders of American Depositary Shares (ADS), may convert their ADS into equity shares and then sell such equity shares on Indian stock markets during the Buyback period.

The company further outlined that the indicative maximum number of equity shares bought back would be 50,270,270 equity shares.

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