Infosys To Consider Share Buyback Proposal On Oct. 13
In its last buyback carried out a year ago, the company bought back shares worth Rs 9,200 crore.
Infosys Ltd. will consider proposal for buyback of shares at the upcoming board meeting.
The proposal will be considered on Oct. 13, according to an exchange filing.
The company board will also approve its second quarter results in the scheduled meeting.
This is the fourth buyback announced by the company in its history. The first was a tender offer announced in 2017, when the company bought back shares worth Rs 13,000 crore at Rs 1,150 per share.
The second buyback was conducted in 2019, when the company bought back shares worth Rs 8,260 crore at an average price of Rs 747 per share. And the third was in 2021, when it bought back shares worth Rs 9,200 crore as part of its capital allocation plan.
The Bengaluru-based IT company enhanced its capital allocation plan and aimed to return 85% of free cash flow cumulatively over a five-year period via buyback and dividends.
In the last few months, several analysts including Goldman Sachs and Jefferies downgraded the IT major citing high valuations that do not factor in the upcoming downcycle.