New Delhi: India’s second largest IT company Infosys on Friday said its Rs13,000 crore buyback offer will open on 30 November and end on 14 December.
Outlining the buyback dates in a regulatory filing, Infosys said that the company through letter dated 16 November received observations from the Securities and Exchange Board of India (Sebi) on the draft letter of offer for the buyback.
The buyback, said the BSE filing, will open on 30 November and close on 14 December. The share buyback, which will be the first in the company’s 36-year long history, will see Infosys buying back over 11.30 crore shares at Rs1,150 apiece.
The buyback had been a long-standing demand by some of the founders and high-profile former executives, who have been pushing Infosys to return surplus capital to shareholders. Share buybacks typically improve earnings per share and return surplus cash to shareholders, while supporting share price during period of sluggish market condition.
Earlier this year, its larger rival Tata Consultancy Services (TCS) completed a Rs16,000 crore mega buyback offer. Other competitors like Cognizant, Wipro and Mindtree had also made similar announcements.