Infosys board to consider a proposal for buyback of equity shares on Oct 13

IT major Infosys Ltd on Monday said its board would decide on a proposal for share buyback in its meeting to be held on Thursday.

The board of the company will consider a proposal for buyback of fully paid-up equity shares of the company at its meeting to be held on October 13, 2022, in accordance with the Securities and Exchange Board of India (Buy-Back of Securities) Regulations, 2018, Infosys said in a regulatory filing.

The board will finalise the company's second quarter results on October 13.

Under a share buyback or repurchase, a company buys back its own shares from investors or shareholders. It is seen as an alternative, tax-efficient way to return money to shareholders.

Shares of Infosys closed at Rs 1,465 per unit, up 0.95 per cent on the BSE.

Last year, the Infosys board had approved an up to Rs 9,200 crore buyback plan, which commenced on June 25, 2021.