Why is Infosys' buyback taking time?

Nomura believes an open market purchase would be a better option than a tender offer for Infosys

Given the performance of stocks over the past few months and the mounting cash pile in their books, most information technology companies - Infosys, TCS, Wipro and HCL Technologies - have announced a buyback to reward shareholders over the past few months.

The buyback in most cases was through the tender route, under which repurchases were executed using a fixed price tender offer. TCS board, for instance, approved and completed its proposal to buy back up to 56.14 million equity shares of the