Infosys' board to consider share buyback proposal

11 Oct 2022 , 08:12 AM

Infosys announced that the board of directors will explore a share buyback in light of the company’s September earnings.

In September 2021, the software giant undertook a share purchase, repurchasing shares on the open market for a total of Rs9,200 crore.

The company had Rs13,982 crore in cash and equivalents as of the end of June.

The Street is interested in learning whether the buyback will take the form of an open market transaction or a tender offer.

Shares of Infosys have underperformed the Nifty50 YTD. The stock has dropped more than 15%, while the Nifty50 has only lost 3%.

The price of Infosys’ American Depository Receipts on the New York Stock Exchange on Monday was $17.44, up 2.2%.

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