Share of IT major Infosys on Monday hit a 52-week high of 1,477.55 on the NSE on account of buyback news. The company has announced that it will consider a proposal for buying back fully paid-up equity shares at its board meeting to be held on April 13 and 14.
“The board of the company will consider a proposal for buyback of fully paid-up equity shares of the company at its meeting to be held on April 14, in accordance with the Securities and Exchange Board of India (Buy-back of Securities) Regulations, 2018,” the company statement said in a statement.
The board meeting will approve and take on record the consolidated financial results for the fourth quarter ended March 31, 2021.
This would be the third buyback by Infosys in the last five years.
The last time when Infosys bought back shares was in March 2019. The company bought 2.36 percent of the paid-up capital (103.25 million shares) worth Rs 8,260 crore at Rs 800 per share through the open market route.
Prior to that, Infosys made a maiden buyback of 11.3 crore equity shares in December 2017 for Rs 13,000 crore at Rs 1,150 per share.