Infosys' ₹18,000 cr buyback gets 8.3x bids; 826 mn shares tendered

Infosys' Rs 18,000-crore buyback drew bids for 826 million shares against 100 million on offer, with experts saying participation was driven by investors in lower tax brackets

Infosys shareholders tendered over 8 times more shares than the buyback size. According to data provided by the BSE, the ₹18,000-crore buyback saw investors tender 826 million shares against the offer size of 100 million shares.

 

The five-day tendering process ended on Wednesday.

 

Under the latest buyback programme, the IT major will extinguish 100 million shares (2.41 per cent of the paid up capital) by repurchasing them at ₹1,800 apiece. Shares of Infosys last closed at ₹1,558, up 1.8 per cent.

 

Under the buyback terms, small shareholders will be entitled to 2 equity shares for every 11 equity shares held