Infosys To Consider Buyback On Saturday, Shares Surge
Infosys To Consider Buyback On Saturday, Shares Surge
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17 August, 2017, 23:26
The Infosys stock opened over 3 percent higher on Thursday post the announcement it would consider a proposal for buyback of its equity shares at its meeting to be held on August 19.
Bowing to the demand, the Bengaluru-based company had in April announced that it will pay up to Rs 13,000 crore to shareholders during the current financial year through dividend and/or share buyback.
On NSE, it surged 4.68 percent to end at Rs 1,020.85.
The buyback would suggest an end to the process that has mired in regulatory approvals spanning across countries, causing delay in board meeting, Motilal Oswal analysts said in a note.
The outcome of the board meeting will be disseminated to the stock exchanges after conclusion of the board meeting, he said.
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Infosys amended its Articles of Association earlier this year, adding provisions to enable it to buy back its shares, lending further credence to the news about the company mulling a share buyback worth up to $2.5 billion (Rs 17,000 crore), specially as opportunities for huge spurts of growth dry up for Indian IT companies.
A share buyback is a tax effective way to distribute accumulated cash to shareholders, thereby increasing their return on investment, analysts say. "But please give us time, because not every company wants to do a share buyback".
The pressure had grown further after Infosys industry peers Cognizant and TCS announced their mega buyback offers worth United States dollars 3.4 billion and Rs 16,000 crore, respectively, to return surplus cash to shareholders.
In the recent past, other big IT outsourcers have also announced share buybacks.
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