New Delhi: Infosys will commence it’s up to Rs 9,200 crore buyback from June 25, wherein the IT major intends to buy back shares at a maximum price of Rs 1,750 apiece.
The Board approval for the buyback was granted on April 14, 2021, and the shareholders’ nod was received on June 19, 2021, at the company’s 40th annual general meeting.
The Bengaluru-based company has issued a public notice on Wednesday in various newspapers for the buyback of its equity shares from the open market through the stock exchange route.
Kotak Mahindra Capital Company Ltd was appointed as the manager of the buyback, a regulatory filing said.
As per the proposed timeline, the date of commencement of the buyback has been set for June 25, 2021, and the last date for the buyback (whichever is earlier) would be December 24, 2021 (6 months from the date of the opening of the buyback) or when the company completes the buyback by deploying the amount equivalent to the maximum buyback size.
”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,” the advertisement showed.