LIC likely to meet Infosys management, not decided if it will participate in buyback
Sources also told Moneycontrol that LIC is concerned about shareholders’ interest and wants the issues to be resolved at the earliest
August 19, 2017 / 08:52 PM IST
An exterior view of Life Insurance Corporation of India's (LIC) headquarters is seen in Mumbai September 18, 2014. REUTERS/Danish Siddiqui
The Life Insurance Corporation of India is monitoring developments in Infosys closely and is likely to meet the company’s management soon, sources in the know told Moneycontrol.
This comes a day after Vishal Sikka resigned as MD & CEO at Infosys. The company said on Saturday that it would buy back 11.3 crore shares or 4.92 percent of equity capital at Rs 1,150 apiece. The company will be spending Rs 13,000 crore for the same.
The insurance company has, however, not decided on whether to participate in the buyback.
Sources also told Moneycontrol that LIC is concerned about shareholders’ interest and wants the issues to be resolved at the earliest.
The stock will remain in the spotlight when trading resumes on Monday.
As of close of market hours on Friday, Infosys was quoting at Rs 923.10, down Rs 98.05, or 9.60 percent on the BSE.