Board of Infosys agrees to buyback at Rs 1,150 per share
DSIJ Intelligence / 19 Aug 2017
The board of Infosys has approved a buyback proposal at Rs 1,150 per share. The stock has face value of Rs 5 per share and the buyback will be for an amount not exceeding Rs 13,000 crore.
The board of Infosys has approved a buyback proposal at Rs 1,150 per share. The stock has face value of Rs 5 per share and the buyback will be for an amount not exceeding Rs 13,000 crore. The buyback offer size is 20.51% of the total paid-up equity capital and free reserves of the company as per the latest audited balance-sheet as on June 30, 2017.
The buyback offer will comprise purchase of up to 113,043,478 equity shares, aggregating up to 4.92% of the paid-up equity share capital of the company. The buyback price of Rs 1,150 per share represents premium of 19.08% and 18.7% over the volume-weighted average market price of equity shares on BSE and NSE, respectively, during the three months preceding the date of intimation to the stock exchanges of the board meeting to consider the proposal of the buyback.
The buyback price also represents premium of 24.58% and 24.55% as per the closing price of the stock on BSE and NSE, respectively, in Friday’s trading session. The record date for the buyback will be announced later.
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