Infosys board considers closure of Rs 8,260 cr buyback offer

IT major Infosys on Monday said a board committee is considering closure of the Rs 8,260 crore buyback offer with the company utilising almost full size of the issue approved.

The company in January had announced that it would buy back shares of the company for an amount aggregating up to Rs 8,260 crore (maximum buyback size) at a price not exceeding Rs 800 per equity share.

“...the Buyback Committee of the company will, on August 26, 2019, consider proposals, including but not to limited to, the closure of the Buyback, pursuant to the terms of the Public Announcement, in view of the fact that the company has utilised 99.999999 per cent of the maximum buyback size (excluding transaction costs),” Infosys said in a regulatory filing.

It added that the outcome of these considerations will be duly notified to the stock exchanges in accordance with the applicable provisions.

In a regulatory filing on August 16, Infosys had said it had extinguished 76.12 lakh fully paid up equity shares bought back from July 30, 2019 to August 6, 2019.