You are here: Home » Companies » News
Business Standard

Infosys' Rs 13,000 cr buyback begins Nov 30; Nilekani, Murthy to take part

Offer, which closes on Dec 14, is for purchase of up to 113,043,478 shares, or 4.92% of paid-up capital, at Rs 1,150 per share

BS Reporter  |  Bengaluru 

Infosys headquarters in Bengaluru

on Friday said share buyback would begin on November 30 and close on December 14. 

The IT services major has issued an offer letter for the buyback of It said that the necessary forms along with the letter would be dispatched to the eligible shareholders whose names appeared on the record date of November 1. 

has set the last date of settlement of bids on the stock exchange on December 26. 

The last date to receive completed tender forms and other specified documents including physical share certificates by the registrar and transfer agent (RTA) is December 18. 

The company had announced in August that it would repurchase worth up to Rs 13,000 crore. 

The buyback offer is for purchase of up to 113,043,478 equity aggregating up to 4.92 per cent of the paid-up capital of the company at a price of Rs 1,150 per share. 

Apart from other shareholders, a majority of the 19-member promoters of Infosys, including and recently appointed non-executive chairman Nandan Nilekani, will participate in the company’s share buyback. 

Promoter and promoters group currently hold 12.75 per cent stake in India’s second-largest software exporter with 29.28 crore equity 16 members of this group “have expressed their intention” to participate in buyback and tender up to 1.77 crore equity shares, which could be worth up to Rs 2,039 crore in a Rs 13,000 crore buyback plan. 

While Nilekani has expressed interest to tender close to 10 per cent of his 21.3 million for buyback; Murthy said he would sell 8.24 per cent of his 8.72 million in the company.

First Published: Fri, November 17 2017. 21:04 IST