IT services giant Infosys announced on June 23 that its Rs 9,200 crore share buyback programme will commence on June 25.
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 had informed in a filing that the board had granted approval for the buyback on April 14 and the shareholders’ approval was received on June 19.
In a BSE filing, 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.
The Infosys advertisement read: “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 percent of the paid-up equity share capital of the company as of March 31, 2021.”
On Wednesday, the stock of the company settled 0.59 percent lower at Rs 1,502.85 apiece on the BSE.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
