Courtesy-Business Standard
The buyback plan of IT services giant Infosys of ₹9200 crores is scheduled to commence from 25th June as announced in the fourth quarterly results of financial year 21. Buying back of shares at a minimum price of ₹1,750 a piece has been proposed by the IT major.
On 14th April 2021, the approval for buyback was granted by the Board along with the agreement of the stakeholders on 19th June 2021, in the 40th annual general meeting of the company, as mentioned by the IT major in a regulatory filing.
According to a regulatory filing on Wednesday, for the buyback of its equity shares from the open market through the stock exchange route, in various newspapers, the public announcement has been issued by Infosys on 23rd June.
With the tentative last date for the buyback on 24th December 2021, the date of commencement of the buyback has been decided for 25th June 2021, according to the proposed timeline.
As showcased in the advertisement, 5,25,71,428 equity shares would be the indicative maximum number of equity shares bought back with subject to the market price of the equity shares being equal to the maximum by back price. Approximately 1.23 per cent of the paid-up equity share capital of the company as of 31st March 2021 would be comprised in the bought back several shares.
The actual number of equity shares bought back could exceed the maximum buy back shares if the equity shares are purchased at an amount below the maximum buyback price but shall always be subject to maximum buyback size, it added.