Infosys rose 1.82% to Rs 3568.15 at 12:10 IST on BSE on reports that three former executives have asked the company to buyback shares worth Rs 11200 crore.
Meanwhile, the S&P BSE Sensex was down 78.71 points or 0.3% at 25,829.30.
On BSE, so far 70,000 shares were traded in the counter as against average daily volume of 93,066 shares in the past one quarter.
The stock hit a high of Rs 3,604.50 and a low of Rs 3,520 so far during the day. The stock had hit a record high of Rs 3,847.20 on 3 March 2014. The stock had hit a 52-week low of Rs 2,894 on 30 May 2014.
The large-cap IT company has equity capital of Rs 287.12 crore. Face value per share is Rs 5.
As per the reports, former officers V. Balakrishnan, T.V. Mohandas Pai and D.N Prahlad have asked the company to buyback shares worth Rs 11200 crore, saying it will help check the "asymmetry of information" between management and investors. Both Pai and Balakrishnan are former chief financial officers (CFOs) at Infosys and served as directors, while Prahlad was a senior vice president.
As per the reports, the trio wants the buyback at Rs 3,850 per share. They also want Infosys announcing an ongoing buyback programme to the extent of 40% of the previous year's net profits on a consistent basis, the reports added.
Shares of Infosys had risen 1.2% to settle at Rs 3,504.25 on Tuesday, 5 August 2014.
Infosys' consolidated net profit declined 4% to Rs 2886 crore on 0.8% decline in sales to Rs 12770 crore in Q1 June 2014 over Q4 March 2014.
Infosys is a global leader in consulting, technology and outsourcing solutions.
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