Infosys Closes Rs 8,260 Crore Buyback Offer; Shares Fall

IT (information technology) major Infosys has completed the buyback offer plan which began in March, the company said in a statement. The IT firm has bought back over 11.05 crore of its equity shares at an average price of Rs 747 for Rs 8,260 crore under the buyback offer. In January, the company had announced that it will buy back shares for an amount aggregating up to Rs 8,260 crore (maximum buyback size) at a price not exceeding Rs 800 per equity share. The buyback started on March 20.

"The company has bought back 11,05,19,266 equity shares at an average price of Rs 747.38 per equity share and deployed an amount of Rs 82,59,99,99,430.03 deploying 99.999999 per cent of the maximum buyback size (excluding transaction costs) with a balance of Rs 569.97 till August 26, 2019," Infosys said in a regulatory filing on Monday late night.

"Consequently, the Buyback Committee has approved the closure of the Buyback pursuant to the terms of the Public Announcement, with effect from today, i.e. August 26, 2019, prior to the expiry of six months from the Commencement Date."

Shares in Infosys on Monday fell as much as 2.7 per cent to touch day's low of Rs 781 on the NSE. In afternoon trade, shares were trading lower by 2.17 per cent or Rs 17.45 at 785.10 on the NSE whose benchmark index Nifty was up 0.45 per cent at 11,107.