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Infosys announces Rs 8,260 cr buyback; to offer special dividend

Press Trust of India  |  New Delhi 

on Friday said it will buyback shares worth up to Rs 8,260 crore and offer a special of Rs 4 per as part of the company's Rs 13,000 crore-capital allocation policy.

The board has also approved the re-appointment of as the Lead Independent from April 1, 2019 to March 22, 2023.

Infosys, in a regulatory filing, said its Board has approved buyback of up to 10,32,50,000 equity shares, comprising approximately 2.36 per cent of the paid-up capital of the company as of December 31, 2018 for up to Rs 8,260 crore.

The shares, which will be purchased through the open market route via Indian stock exchanges, will be bought for a price not exceeding Rs 800 per share, it added.

Also, ADS (American depositary share) holders are permitted to convert their ADS into equity shares, and, subsequently opt to sell such equity shares on the Indian stock exchanges during the buyback period, the filing said.

had completed its maiden buyback of Rs 13,000 crore in December 2017, comprising 11.3-crore equity shares at a price of Rs 1,150 per The buyback scheme -- a first in the company's over three decade history -- had seen participation from Sudha Gopalakrishnan, and LIC among others.

Infosys, in its Friday filing, said the Board has constituted a buyback committee "comprising the Chief Operating Officer, the Chief Financial Officer, the Deputy Chief Financial Officer, of the company".

The buyback is subject to the approval of the members of the company by way of a special resolution through postal ballot and all other applicable statutory/regulatory approvals.

said it will announce the process, timelines and other statutory details of the buyback in due course.

Besides, it has fixed January 25, 2019 as record date and January 28 as the payment date for the special of Rs 4 per

"After the execution of the above, along with the special (including dividend distribution tax) of Rs 2,633 crore (USD 386 million) already paid in June 2018, the company would complete the distribution of Rs 13,000 crore, which was announced as part of its capital allocation policy in April 2018," it added.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, January 11 2019. 17:15 IST
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