Infosys today offered to buyback equity shares not exceeding Rs 13,000 crore at a price of Rs 1,150 per share.
Vishal Sikka resigns as Infosys MD & CEO; he will take on the role of Executive Vice Chairman.
Under the shadow of the year long promoter-management conflict, Vishal Sikka resigns as the Infosys top boss.
Vishal Sikka resigns as Infosys MD & CEO with immediate effect; he will take on the role of Executive Vice Chairman.
CNBC-TV18 is the only TV channel to get access to the newly set-up centre of Wipro in Silicon Valley and Shereen Bhan caught up with CEO Abidali Neemuchwala at this new facility and asked him about the company's plans for alliances and investment strategies in the Silicon Valley.
Vishal Sikka was appointed in chief executive officer and managing director in April 2014 to head the Bengaluru-based IT software giant.
'My biggest regret is not listening to my co-founders and leaving Infosys when I did in 2014'. That's the word coming in from Infosys Founder, NR Narayana Murthy. In A candid chat with CNBC-TV18's Kritika Saxena, the father of Indian IT while admitting his regret at leaving Infosys, says the company did a good job with goods and services tax (GST) implementation.
Bodhtree Consulting sees a smart move in trade today, up almost 10 percent. The company has tied up with IT major Infosys to provide GST solutions to clients.
NR Narayana Murthy, the father of Indian IT industry and founder of Infosys, has a prescription for the industry in these tough times.
The Chairman will continue to lead and I will accompany him, said the new co-chairman of Infosys, Ravi Venkatesan.
Biocon Chief Kiran Mazumdar Shaw says India is not an outsourced services country anymore, it is an innovation and knowledge partner.
Speaking to CNBC-TV18, TV Mohandas Pai, the former Chief Financial Officer of Infosys, said new-age startups have no clear strategy and very poor execution.
Speaking to CNBC-TV18, UB Pravin Rao, Chief Operating Officer at Infosys, said all options were being explored and that the company's board would decide on the timeline of the buyback and the cap allocation policy.
India's largest software company confirmed this morning that it would consider doing a buyback on February 20.
Speaking to CNBC-TV18, Girish Pai, Head of Research at Nirmal Bang Institutional Equities, said it was clear that there is still friction between the Infosys board and the company's founders.
Corporate governance is an issue of trust and that has to be solved â€“ trust has been broken, which needs to be bridged, said Mohandas Pai, Former HR Head at Infosys told CNBC-TV18.
Infosys CEO Vishal Sikka said the developments over the past week didn‘t weigh him down. Meanwhile, Infosys Chairman R Seshasayee ruled out the need to revisit the disclosures made when CFO Rajiv Bansal left the company.
The founders of the company can give their valid advise to the board. The board too has to be open about founders' opinion. But in the end, it is up to the board to decide what is reasonable, and what isn't.
Trip Chowdhry, Managing Director - Equity Research at Global Equities Research, said that rather than wasting time and money on issues like CEO Vishal Sikka's package Infosys should focus on its long term targets.
Rajiv Bansal, who left the company in 2015, was given 24 months‘ salary as severance pay, a fact that has provided fodder to detractors of the management. Roopa Kudva told Moneycontrol in an exclusive interview that due process had been followed in Bansal‘s exit, but added that the company had since reworked contracts of employees.
The faceoff between the Infosys board and founders is more on governance than any strategic matters says, former CFO V Balakrishnan. "The board is a big let-down in engaging with shareholders," he says in an interview to CNBC-TV18. He also clarifies it is not an issue between (Vishal) Sikka and the founders.
Former chief financial officer T V Mohandas Pai blasted the board and sought detailed answers from the board regarding concerns over corporate governance and â€˜excessive pay packages.
In a sign of the troubled times that the Indian IT sector has been going through, the management of Infosys may consider the option of a share buyback, according to people close to the IT major. The size of the share buyback could be a mammoth Rs 12,000 crore.
Nasscom chairman R Chandrashekhar said positive signs of an upturn were already visible in the Q3 earnings of Infosys and TCS, with significant growth in revenues from the digital space.