The board of India’s second-largest IT company Infosys on Saturday Aug 19,2017 approved buyback worth Rs 13,000 crore, at a premium of 19.08% and 18.70% over the weighted average market price on BSE and NSE respectively.
The board, in its first meeting after the resignation of its CEO and MD Vishal Sikka, approved the buyback offer. This is said to be the first-ever share buyback offer in its 36-year history.
The company will purchase 11,30,43,478 equity shares at the rate of Rs 1,150 per share. The company is offering a premium of 19.08% and 18.70% over the weighted average market price over past three months on BSE and NSE respectively.
“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,” company said in a filing to BSE.
The board, in its first meeting after the resignation of its CEO and MD Vishal Sikka, approved the buyback offer. This is said to be the first-ever share buyback offer in its 36-year history.
The company will purchase 11,30,43,478 equity shares at the rate of Rs 1,150 per share. The company is offering a premium of 19.08% and 18.70% over the weighted average market price over past three months on BSE and NSE respectively.
“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,” company said in a filing to BSE.
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