New Delhi, Sep 12 || Indian IT giant Infosys has obtained exemptive relief from the US Securities and Exchange Commission for its Rs 18,000 crore buyback, according to its notification to the exchanges. The company has announced its first share buyback in three years, since October 2022.
Infosys shares rose to Rs 1,528, gaining Rs 18 or 1.23 per cent today. The stock increased by Rs 80 in the past five days, marking a 5.55 per cent rise.
The IT giant's fifth buyback is now awaiting approval from current shareholders through a special resolution and postal ballot. The decision was made amidst macroeconomic volatility weighing on stock prices.
Bengaluru-based IT company will allocate Rs 13,560 crore for a buyback, at Rs 1,800 per share, reflecting a 19.28 per cent premium over its last closing price on the BSE.
Historical data indicate that the share repurchase process may take three to four months to complete. The stock has over 25.79 lakh owners.