The logo of Infosys is pictured inside the company's headquarters in Bengaluru, India, April 13, 2017. REUTERS/Abhishek N. Chinnappa/FilesBengaluru: Global software major Infosys Ltd on Saturday announced it buy back 11.3 crore shares of Rs 5 face value at Rs 1,150 per share via a tender offer.
"The Board has approved a proposal to buy back 11.3 crore equity shares of Rs 5 face value from the shareholders at a price of Rs 1,150 per share for an amount not exceeding Rs 13,000 crore," said the IT major in a regulatory filing on the BSE.
The offer size is 20.51 per cent of the total paid-up capital and free reserves, aggregating up to 11.3 crore shares or 4.92 per cent of the equity shares.
Close on the heels of the resignation of Vishal Sikka from the job of the CEO and MD of the company, the Infosys board had made it clear that the company will go ahead with its earlier decision of share buy back. Chairman Sheshasayee had put the plan in concrete terms in the press conference held after Sikka's resignation.
The shares of Infosys had come crashing and fell by 10% hitting the steepest fall in 4 years. The dip pulled down the major market indices by one percent each and triggered an investor loss at Rs 30,000 crore.
Read more at: Latest Business news | Sikka resignation stirs up a storm: blame falls on Murthy
