IT giant Infosys has announced Rs 9,200 crore buyback plan. It will commence from June 25. The proposed buy back shares are priced at a maximum price of Rs 1,750 a share.
The company board approved the buyback that was passed on April 14, 2021. However, the company received shareholders' approval on June 19, 2021, at the company's 40th annual general meeting, the IT major said in a regulatory filing.
As per the newspaper advertisement, Kotak Mahindra Capital Company Ltd was appointed as the manager of the buyback. "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 per cent of the paid-up equity share capital of the company as of March 31, 2021," the advertisement showed.
The last date for the buyback would be December 24, 2021 or when the company completes the buyback by deploying the amount equivalent to the maximum buyback size.