ALSO READInfosys extends gain on fixing record date for share buyback Infosys share buyback official; board to discuss it on 19 August Infosys gains 3% as board to consider share buyback proposal on August 19 Infosys founders will participate in Rs 13,000-crore share buyback Buyback offers: What should traders do if a company offers one?
On October 9, 2017, the Buyback Committee had approved and fixed Wednesday, November 1, 2017 to be the record date for determining the entitlement and the names of the equity shareholders, to whom the Letter of Offer will be sent and will be eligible to participate in the buyback which was approved in the board meeting on August 19, 2017.
The record date for the payment of interim dividend would also be November 1, 2017, subject to declaration of interim dividend by the board of directors of the Company in their meeting to be held on October 24, 2017, Infosys said in a regulatory filing. The board had declared an interim dividend of Rs 13 per equity share.
The board proposed to buyback equity shares from the eligible equity shareholders of the Company for an amount not exceeding Rs 13,000 crore. The Buyback offer comprises a purchase of up to 113 million equity shares aggregating up to 4.92% of the paid-up equity share capital of the Company at a price of Rs 1,150 per equity share. The buyback is proposed to be made from all eligible equity shareholders on a proportionate basis through the "Tender offer" route.
At 10:47 am, Infosys was trading 2% lower at Rs 927 on the BSE as compared to 0.21% decline in the S&P BSE Sensex and 0.48% fall in the sector index S&P BSE Information Technology.