Infosys Likely to Opt for Buyback of Shares

The Bengaluru-based company is also slated to announce its third quarter results on January 11.

The IT major last year repurchased 113,043,478 equity shares at a price of ₹1,150 per share for an aggregate amount of ₹13,000 crore. The company’s December 2017 share buyback programme saw participation from LIC, Singapore government, Sudha Gopalakrishnan (wife of co-founder S. Gopalakrishnan) and Rohan Murty (son of co-founder N.R. Narayana Murthy’s son) among others.

Infosys will consider proposals for share buyback and special dividend during its board meeting on January 11, the company said in a statement to the stock exchanges on Tuesday.

“In this regard, we would like to inform you, pursuant to Regulation 29(1) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (“SEBI LODR Regulations”), that the Board of the company will consider proposal(s), including but not to limited to, buyback of fully paid-up equity shares of the company, payment of special dividend, for implementation of the Capital Allocation Policy at its meeting to be held on January 11, 2019.”

Infosys shares closed at ₹669.85, down 0.19%, or 1.30 points, on the BSE on Tuesday.

Rivals Tata Consultancy Services, HCL Technologies, Wipro and Mindtree had also announced buyback plans recently.