Infosys buys back over 11 crore equity shares under its Rs 13,000 crore buyback scheme


IT services major Infosys today said it has completed its Rs 13,000 crore buyback programme that saw participation from Sudha Gopalakrishnan, Rohan Murty and LIC among others.
The buyback scheme - a first in the company's over three decade history - commenced on November 30 and closed on December 14.
"(A total of) 11,30,43,478 equity shares were bought back under the Buyback at a price of Rs 1,150 per equity share. The total amount utilised in the Buyback is Rs 13,000 crore excluding transaction costs..." Infosys said in a regulatory filing.
The programme saw participation from Life Insurance Corporation of India, Singapore government, Sudha Gopalakrishnan (wife of co-founder S Gopalakrishnan) and Rohan Murty (son of co-founder NR Narayana Murthy's son) among others.
The filing showed that of all the equity shares tendered in the buyback, 5.41 per cent were by LIC and 2.18 per cent by Singapore government.
Similarly, 15 lakh shares of Sudha Gopalakrishnan and 13.92 lakh shares held by Murty were accepted under the buyback.
As of September this year, Sudha Gopalakrishnan held the largest share in individual capacity among promoters group members with 2.14 per cent shareholding.
The founders and families classified as promoters group held 29.28 crore shares, or 12.75 per cent, in Infosys at the end of September 2017.
After the buyback, the promoter group now holds 12.90 per cent share, as per the filing.
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 completed a Rs 16,000-crore mega buyback offer. Other competitors like Cognizant, Wipro and Mindtree had also made similar announcements.

Comments

Post a Comment

Popular posts from this blog

Apple apologises to users over slowing down older iPhones; slashes battery replacement costs by $50

Image
Apple apologises to users over slowing down older iPhones; slashes battery replacement costs by $50 After facing a severe backlash from consumers over intentionally  slowing down  older iPhone models, Apple on 28 December issued an  apology  on its website. This is a rare gesture from the company. The Cupertino-based tech giant stated that it plans to introduce a number of changes for its customers  “to recognise their loyalty and to regain the trust of anyone who may have doubted Apple’s intentions”.“We know that some of you feel Apple has let you down,” said Apple in its posting. “We apologise.” Here is a link to the  complete apology letter  that Apple has put up on its site. Apple has gone into detail of how batteries age and how it manages to prevent unexpected shutdowns. "About a year ago in i...
Read more

Digital, People and Data are likely to dominate in 2018: Virtusa CIO Madu Ratnayake

Image
Digital 2.0, People 2.0 and Data 2.0 are some of the key technology trends that are likely to dominate the discussions in 2018 predict Madu Ratnayake, CIO & Head - Business Process Excellence, Virtusa Corp By  Madu Ratnayake , CIO & Head - Business Process Excellence,  Virtusa Corp In 2017 we witnessed a number of emerging technologies getting an early entrance to enterprises.  Artificial intelligence ,  machine learning , drones, robotics, virtual reality/augmented reality, Internet of Things (IoT), robotics process automation (RPA), cloud and  blockchain are some of the disruptive technologies that emerged and became the hot topic of discussion at almost every organization worldwide. As we move into the new year, we envisage that these emerging technologies will start to make a transformational impact in forward-looking organizations worldwide. Here are some key  technology trends  that are likely to dominate the discussions in 2018. 1....
Read more