1st November, 2017 fixed as Infosys' share buyback programme

Infosys has said that it has fixed November 1, 2017 for it’s Rs 13,000-crore share buyback programme. The buyback programme has been unanimously approved by the board on August 19 and by the shareholders earlier.

The buyback for the first time in the company’s history will see Infosys buying back over 11.30 crore shares at Rs 1,150 a piece. There has been a demand for some time now from some of the founders and high-profile former executives to return surplus capital to its shareholders.

“The Buyback Committee has approved and fixed November 1, 2017 to be the record date for determining the entitlement and the names of the equity shareholders to whom the letter of offer will be sent and will be eligible to participate in the buyback,” Infosys said in a regulatory filing.

Infosys will also make its payment of interim dividend on November 1, though it is subject to a board decision. Infosys is slated to announce its financial results for the July-September 2017 quarter on October 24.

Tata Consultancy Services has earlier completed a Rs 16,000-crore buyback offer, followed by competitors of Infosys like Cognizant, Wipro Ltd. and Mindtree Ltd.

Infosys shareholders also approved the appointment of Nandan Nilekani as chairman and UB Pravin Rao as managing director.

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