It added that the buyback proposal had been approved by the Board on August 19 and by the shareholders earlier on Monday.
The share buyback, which will be the first in the company's 36-year long history, will see Infosys buying back over 11.30 crore shares at Rs 1,150 apiece.
The buyback had been a long standing demand by some of the founders and high-profile former executives, who have been pushing Infosys to return surplus capital to its shareholders.
Share buybacks typically improve earnings per share and return surplus cash to shareholders, while supporting share price during period of sluggish market condition.
Earlier this year, its larger rival Tata Consultancy Services completed a Rs 16,000-crore mega buyback offer. Other competitors like Cognizant, Wipro and Mindtree had also made
Infosys is slated to announce its financial results for the July-September 2017 quarter on October 24.
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(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
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