Saturday 19 August 2017

Infosys board approves up to Rs 13,000 crore buyback offer; price fixed at Rs 1,150 per share

New Delhi: The country's second largest software services firm Infosys on Saturday said its board has approved a share buyback offer of up to Rs 13,000 crore.

The buyback price of Rs 1,150 per share is nearly 25 percent higher than Friday's closing of Rs 923.10 apiece.

Infosys had cash and cash equivalents worth over USD 3.5 billion on its books as of June 30, 2017.

The buyback offer size is 20.51 percent of the total paid-up equity capital and free reserves of the company as on June 30, 2017, Infosys said.

The buyback Committee also includes CFO MD Ranganath, Jayesh Sanghrajka (Deputy CFO), Inderpreet Sawhney (General Counsel) and A G S Manikantha (Company Secretary).

A number of tech companies have announced share buyback programmes this year to offer rich returns to shareholders.

While Infosys larger rival TCS offered Rs 16,000-crore mega buyback offer to shareholders, rivals like Cognizant, Wipro, HCL Technologies and Mindtree have also made similar announcements.

Source:-Zeenews

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