 "shares, buyback, invest, mutual fund, income, dividend")
The Securities and Exchange Board of India (Sebi) has approved Infosys' share buyback and also offered a solution for participation by holders of the company’s American Depository Receipts (ADRs) and Global Depository Receipts (GDRs).
The cash-rich technology major had in April proposed to pay Rs 13,000 crore to shareholders through a buyback, but the proposal was tied in regulatory knots, while rivals Wipro and HCL Technologies went ahead with their share repurchase programmes.
According to sources, Sebi has allowed fungibility for Infosys ADRs and GDRs so that their holders can tender their shares in the buyback. This will allow depository receipts to
