Information technology giant Infosys' Board on Wednesday approved a Rs 9,200 crore buyback at Rs 1,750 per equity share through the open market route. (Also Read: Infosys Profit Rises 17% To Rs 5,076 Crore In Q4, Suggests Share Buyback Proposal)
In a stock exchange filing, the company said that its board has approved a proposal for the company to buy back its own fully paid-up equity shares of face value of Rs 5 each from the equity shareholders being 14.87% and 13.53% of its total paid-up capital and free reserves as of March 31, 2021, aggregating up to Rs 9,200 crore which is less than 15% of the aggregate of the total paid-up share capital and free reserves of the company.
Earlier the company posted a 17.5% jump in quarterly net profit. Its consolidated net profit climbed to Rs 5,076 crore in the three months to March 31, from Rs 4,321 crore a year earlier.