Infosys sets Rs 9,300 crore share buyback; profit rises 11.1%

The company has set the maximum buyback price at Rs 1,850, a premium of 30 per cent over the last closing price. The buyback will be carried through the open market route. Also, Infosys has allowed American Depositary Shares to convert their ADS into equity shares and subsequently can sell such shares on the Indian exchanges during the buyback period. Under the proposed buyback, the maximum number of shares to be bought back would be 50,270,270 equity shares.

Infosys had gone for a Rs 9,200 crore share buyback in 2021. TCS, India’s largest IT company, had unveiled a Rs 18,000 share buyback in March

this year. “Our strong large deal wins and steady all-round growth in Q2 reflect the deep relevance and differentiation of our digital and cloud solutions for clients as they navigate their business transformation”, said Salil Parekh, CEO and MD.

“While concerns around the economic outlook persist, our demand pipeline is strong as clients remain confident in our ability to deliver the value they seek, both on the growth and efficiency of their businesses. This is reflected in our revised revenue guidance of 15%-16% for FY 23,” he said.