Infosys share price rose by more than 3% during Thursday’s trading session following an announcement regarding its largest share buyback to date.
In a communication to the exchanges on October 22, Infosys revealed that the company’s promoters, including Nandan Nilekani, Sudha Murty, and others, will not take part in the ₹18,000 crore share buyback program that was declared in October.
The company has revealed it will be conducting its most extensive share buyback, repurchasing 10 crore shares at ₹1,800 each, which represents a 22% premium compared to the closing price on Wednesday.
“Since the promoters and the promoter group of the company have declared their intention to not participate in the buyback, equity shares held by them have not been considered for the purpose of computing the entitlement ratio,” said, the company.
