On Monday, the IT major company has fixed the record date for its Rs. 13000 crore buyback offer as November 1. In a regulatory filing to the exchange, the company said that "The Buyback Committee has approved and fixed November 1, 2017 to be the record date for determining the entitlement and the names of the equity shareholders to whom the letter of offer will be sent and will be eligible to participate in the buyback.
Know why investors should tender share in the Infosys' buyback offer, here.
Earlier just ahead of the approval of the buyback programme, the erstwhile CEO-MD of the company, Vishal Sikka resigned from his post.
Infosys buyback offer details
1. Buyback which is the repurchase of company shares held with the investors again by the company is aimed at providing surplus or profits realized by the company to its shareholders. This is the first time the company is buying back close to 11.30 crore shares in its 35 year existence. It also improves and supports share price in uncertain times while EPS of the stock is also maintained and improved in value.
2. The Infosys board approved the buyback in August while its shareholders approved it early on Monday.
3. The buyback price has been fixed at Rs. 1,150 per share which is highly priced as against the company's last traded price of Rs. 923.65, i.e taking current price into consideration investors will be better off by tendering shares as they would gain a substantial 24% over the current market price.