Infosys to buy back shares worth Rs 8,260 crore

Infosys to buy back shares worth Rs 8,260 crore

Bengaluru: Infosys COO U.B. Pravin Rao, CEO Salil Parekh and CFO Jayesh Sanghrajka during a press conference to announce the financial results for the third quarter of fiscal 2018-19, in Bengaluru on Jan 11, 2019. (Photo: IANS)

Bengaluru, (IANS): Software major Infosys on January 11 said it would buy back its equity shares of Rs 5 face value from the open market at a maximum price of Rs 800 share amounting to Rs 8,260 crore. "Buyback of equity shares from the open market route through Indian stock exchanges, amounting to Rs 8,260 crore at Rs 800 per share after shareholders approve through postal ballot," said the city-based IT behemoth in a statement here. The company's board also announced a special dividend of Rs 4 per share or 80 per cent, amounting to Rs 2,107 crore pay-out, including dividend distribution tax. The second buyback after the first in December 2017 and the special dividend, including distribution tax of Rs 2,633 crore, paid in June 2018, completes the distribution of Rs 13,000 crore as part of its capital allocation policy. "As the dollar-rupee exchange rates moved from April 2018 when the policy was announced, the total capital allocation in dollar terms is $1,872 million, comprising $1,184 million pertaining to buy back, $386 million for special dividend paid in June 2018 and $302 million for special dividend to be paid in January 2019)," said the company in a statement here. The $11-billion outsourcing firm had completed its maiden buyback of 11.3-crore equity shares in December 2017 of Rs 5 face value for Rs 13,000 crore at Rs 1,150 per share. "The buyback of 11,30,43,478 shares was made under the tender offer route from November 30 and closed on December 14," said the company in a filing on December 23, 2017 on the BSE. The company's blue scrip, however, ended at Rs 683.70 on the BSE at the end of Friday trading, gaining Rs 3.95 per share from January10's closing price of Rs 679.95 and opening rate of Rs 683.75.

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