After the information technology (IT) major stated that its Rs 9,200 crore buyback via open route will begin on Friday, June 25, 2021, shares of Infosys hit a fresh high of Rs 1,539.90, up 2.5 percent on the BSE in intra-day trade on Thursday.
On April 14, the Board of Directors approved the repurchase, and shareholders approved it on April 19 at the company's 40th Annual General Meeting (AGM).
According to Infosys, the Buyback is being done to meet the company's medium-term strategic and operational financial needs, as well as to return surplus funds to members in a timely and effective manner.
Infosys stated in a public statement that it will use at least half of the amount set aside as the maximum repurchase size, i.e. Rs 4,600 crore, for the buyback. The corporation will purchase an estimated minimum of 26.29 million equity shares based on the minimum buyback size and maximum buyback price.
Infosys' market capitalisation has surpassed Rs 6.5 trillion following a strong rise in stock price. The market capitalization of Infosys on the BSE was Rs 6.56 trillion at 11 a.m., according to exchange data.
Infosys Company stock details
Mkt cap: 6.53LCr
P/E ratio: 33.77
Div yield: 1.76%
52-wk high: 1,539.95