The buyback, at ₹1,800 per share, totals up to ₹18,000 crore and will be conducted through the tender offer route. The buyback window will close on November 26.
Small shareholders can tender two equity shares for every 11 shares held on the record date of November 14, while general category shareholders are entitled to 17 equity shares for every 706 shares held. Kotak Mahindra Capital Company Limited serves as the manager to the buyback, and KFin Technologies Limited is the registrar.
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"The buyback is being undertaken by the company after taking into account the strategic and operational cash needs of the company in the medium term and for returning surplus funds to the shareholders in an effective and efficient manner in line with its capital allocation policy," Infosys said.
The company had announced its first share buyback programme in 2017. Infosys, at that time, had purchased 11.3 crore shares, or up to 4.92% of the paid-up equity share capital of the company, for ₹1,150 per equity share, amounting to around ₹13,000 crore.
The Bengaluru-headquartered company had, in 2022, announced a share buyback of ₹9,300 crore via an open market route for a maximum price of ₹1,850 per equity share. The second buyback was worth ₹8,260 crore in 2019, the third was ₹9,200 crore, and the last was ₹9,300 crore in 2022-23.
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Infosys promoters and promoter group, including Nandan M Nilekani and Sudha Murty, have decided not to participate in the buyback. The promoters collectively hold 13.05% of the company's equity as on the buyback announcement date.
Shares of Infosys Ltd ended at ₹1,485.65, down by ₹21.95, or 1.46%, on the BSE today, November 18.
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