Infosys shares are up by 2.5 per cent on the Bombay Stock Exchange, reaching a new high of Rs 1,539.90 soon after the company announced that on Friday, June 25th, 2021, its buyback via open route worth Rs 9,200 crores will begin.
Over the past few months, Infosys has conquered the markets as it increased by 14 per cent which when compared to S&P BSE Sensex was 10 per cent more. The market capitalization of Infosys has is now above Rs 6.56 trillion on the Bombay Stock Exchange.
The company announced its aim of buying back its shares after viewing the Q4FY21 results and has put a proposal to buy back the shares of the company at a ceiling price of Rs 1,750 per share.
The approval from the board regarding the buyback was received on the 19th of April and it is in line with the board’s decision to return 85 per cent of the free cash reserves over a period of five years. They plan on doing this via a blend of dividends and share buyback to shareholders.
Infosys made a public announcement stating that it said would use a minimum of 50 per cent of the amount designated as the highest buyback size for the buyback. On the basis of that, the company would acquire a significant minimum of 26.29 million equity shares.