Infosys buyback to begin on November 30

Information technology (IT) bellwether Infosys on Friday said its share buyback offer would begin on November 30 and close on December 14.

The IT services major issued the letter of offer for the same. It said the letter along with the necessary forms would be dispatched to the eligible shareholders who appeared on the record date of November 1.

Infosys has set the last date of settlement of bids on the stock exchange on December 26, while the last date to receive complete tender forms and other specified documents, including physical share certificates by the RTA, is December 18.

The company had announced in August that it would repurchase shares worth up to Rs 13,000 crore.

The buyback offer comprises of a purchase of up to 113 million equity shares aggregating up to 4.92 per cent of the paid-up equity share capital of the company at a price of Rs 1,150 per equity share.

Apart from other shareholders, a majority of the 19-member promoters of Infosys, including co-founder N R Narayana Murthy and recently appointed non-executive chairman Nandan Nilekani, will participate in the company’s share buyback.

Promoter and promoters group currently hold 12.7 per cent stake in India’s second largest software exporter with 292.8 million equity shares. Sixteen members of this group “have expressed their intention” to participate in buyback and tender up to 17.7 million equity shares, which could be worth Rs 2,039 crore in a Rs 13,000 crore buyback plan.