Published on 24/12/2018 2:05:54 PM | Source: HT Media

Infosys shares rise 2% on share buyback buzz

Posted in Stock On The Move| #Infosys Ltd #IT Sector #Stock On The Move

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Mumbai: Infosys shares rose as much as 2.02% to Rs 658.80 per share following reports that the company’s board may consider a share buyback proposal. The Times of India reported that the IT major’s board could announce buyback of shares worth $1.6 billion at its January 11 meeting. At 12.25pm, Infosys shares traded 1.25% up at Rs 653.95 per share on BSE, while the benchmark Sensex index fell 0.32% to 35,627.21 points.

Infosys is coming off a one-year moratorium for the share buyback that ends this month. The IT major last year repurchased 113,043,478 equity shares at a price of Rs 1,150 per share for an aggregate amount of Rs 13,000 crore. The company’s December 2017 share buyback programme saw participation from LIC, Singapore government, Sudha Gopalakrishnan (wife of co-founder S. Gopalakrishnan) and Rohan Murty (son of co-founder N.R. Narayana Murthy’s son) among others.

In the next share buyback plan, Infosys could buy shares at around 20%-25% premium to the current market value, reported TOI, adding that the programme could see some founding members tendering their shares.

Rivals Tata Consultancy Services, HCL Technologies, Wipro and Mindtree had also announced buyback plans recently.