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Infosys to consider share buyback on Saturday

IANS | Bengaluru |

The Infosys Board of Directors will meet on Saturday to consider a proposal for buyback of its equity shares of Rs 5 face value, said the global software major on Thursday.

“The Board of Directors will consider a proposal for buyback of equity shares of the company at its meeting to be held on August 19,” said the IT major in a regulatory filing on the BSE.

The outcome of the Board will be notified to the stock exchanges (BSE and NSE) on the same day.

In view of the Board meeting on the share buyback, the company closed the trading window with immediate effect and will re-open on August 22, said Company Secretary A.G.S. Manikantha in the filing.

The company on April 13 hinted at the buyback during this fiscal (2017-18) up to Rs 13,000 crore.

The company’s blue chip scrip opened at the BSE at Rs 1,010 per share on Thursday, gaining Rs 33.40 (3.40 per cent) during the early hours of trading session from Wednesday’s closing price of Rs 976.80 per share.

The Infosys buyback comes nearly a month after rival Wipro announced on July 20 to buyback 343.75 equity shares of Rs 2 each for Rs 11,000 crore at Rs 320 per share.

Indian IT bellwether Tata Consulting Services (TCS) completed buyback of its 5.6 crore equity shares of Re 1 each on May 31 at Rs 2,850 per share, with the attractive offer oversubscribed by 221 per cent or 12.4 crore shares.

The country’s fourth largest software services firm HCL Technologies completed buyback of 3.5 crore equity shares of Rs 2 face value at Rs 1,000 per share on June 23.