Infosys approves Rs 13,000 crore share buyback plan after Sikka resigns

After Vishal Sikka, Managing Director and Chief Executive Officer, Infosys resigned from the post, the company on Saturday approved Rs 13,000 crore share buyback proposal. 

The company in a regulatory filing said, "Approved a proposal for the company to buyback its fully paid-up equity shares of face value of Rs 5 each, from the equity shareholders of the company as on a record date to be announced later, for an amount not exceeding Rs 13,000 crore."

Moreover, the company said that the buyback offer size does not include transaction costs like applicable taxes such a securities transaction tax, GST, stamp duty, filing fees, advisors fees, brokerage, public announcement expenses, printing and dispatch expeses and other incidental and related expenses. 

As per the filing, the buyback offer will comprise a purchase of up to 113,043,478 equity shares aggregating up to 4.92% of the paid up equity share capital of Infosys at a price of Rs 1150 per share. 

On April 13, the company had first hinted towards a buy back measure for its shareholders in near term future. 

On Friday, the shares of the company closed at Rs 923 per piece, down 9.60% or Rs 98.05 on BSE.

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