IT services major Infosys completes buyback of 5.58 crore shares of Rs 9,200 cr

The equities that were bought back at a volume-weighted average price of rupees 1,648.53 per share

 

IT giant firm, Infosys has announced that it has bought back over 5.58 crore equities as part of its buyback offer about rupees 9,200 crore.

 

As per to a public notification, the equities were bought back at a volume-weighted average price of rupees 1,648.53 per share.

 

The notification also said, "The company bought back a total of 5,58,07,337 equity shares (1.31 percent of the pre-buyback paid-up equity share capital of the company) and the total amount utilised towards the buyback is rupees 9199,99,99,599.80 (excluding transaction costs)."

 

The highest price at which the shares were bought back was rupees 1,750, and the lowest price was rupees 1,538 per share.

 

The notice said that the firm has extinguished all the shares purchased under the buyback.

 

The notification informed that after the buyback, the promoter shareholding has surged to 13.12 per cent from 12.95 per cent.

 

The major IT firm board had approved an up to rupees 9,200 crore buyback plan that started on June 25.

 

Infosys had offered to purchase back shares at a maximum price of rupees 1,750 each through open market through Indian stock exchanges and the offer closed on September 8.

 

The IT giant firm from 2019-20, had improved its capital allocation plan and had stated that it will return 85 per cent of free cash flow cumulatively in five years through buyback and dividends.

India Scanner News Network

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