Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us  
Google
Web www.equitybulls.com
Stock Report

| More

Infosys Ltd board approves buyback through open market route

Posted On: 2021-04-14 04:35:56 (Time Zone: Arizona, USA)


The board of directors (the "Board") of Infosys Limited ("Company") at its meeting held today has approved a proposal for the Company to buyback its own fully paid-up equity shares of face value of ₹ 5/- each ("Equity Shares") from the equity shareholders of the Company (other than the promoters, the promoters group and persons in control of the Company), being 14.87% and 13.53% of its total paid-up capital and free reserves as on March 31, 2021 (on a standalone and consolidated basis, respectively) for an amount, payable in cash, aggregating up to ₹ 9,200 crore (Rupees Nine Thousand Two Hundred crore only) ("Maximum Buyback Size") which is less than 15% of the aggregate of the total paid-up share capital and free reserves of the Company, based on the latest audited financial statements of the Company as at March 31, 2021 (on a standalone and consolidated basis), for a price not exceeding ₹ 1,750/- (Rupees One Thousand Seven Hundred and Fifty only) per Equity Share ("Maximum Buyback Price") through the open market route through the Indian stock exchanges, in accordance with the provisions of the Securities and Exchange Board of India (Buy-Back of Securities) Regulations, 2018 (as amended) ("Buyback Regulations") and the Companies Act, 2013 and the rules made thereunder ("Buyback").

ADS holders are permitted to convert their ADS into Equity Shares, and, subsequently, opt to sell such Equity Shares on the Indian stock exchanges during the Buyback period.

The Maximum Buyback Size does not include any expenses or transaction costs incurred or to be incurred for the Buyback, such as, brokerage, filing fees, advisory fees, intermediaries' fees, public announcement publication expenses, printing and dispatch expenses, applicable taxes such as buyback tax, securities transaction tax, goods and services tax, stamp duty etc. and other incidental and related expenses.

Subject to the market price of the Equity Shares being equal to or less than the Maximum Buyback Price, the indicative maximum number of Equity Shares bought back would be 52,571,428 Equity Shares ("Maximum Buyback Shares"), comprising approximately 1.23% of the paid-up capital of the Company as of March 31, 2021 (on a standalone basis). If the Equity Shares are bought back at a price below the Maximum Buyback Price, the actual number of Equity Shares bought back could exceed the Maximum Buyback Shares, but will always be subject to the Maximum Buyback Size. The Company shall utilise at least 50% of the amount earmarked as the Maximum Buyback Size for the Buyback i.e. ₹ 4,600 crore (Rupees Four Thousand Six Hundred crore only) ("Minimum Buyback Size"). Based on the Minimum Buyback Size and Maximum Buyback Price, the Company would purchase a minimum of 26,285,714 Equity Shares.

The Board has constituted a buyback committee (the "Buyback Committee"), comprising, Chief Operating Officer, the Chief Financial Officer, the Deputy Chief Financial Officer, the General Counsel and the Company Secretary of the Company. The Buyback Committee has the power to do all such acts, deeds, matters and things as it may, in its absolute discretion, deem necessary, expedient, usual or proper in connection with the Buyback.

The Buyback is subject to the approval of the members of the Company by way of a special resolution and all other applicable statutory/ regulatory approvals. The public announcement setting out the process, timelines and other statutory details of the Buyback will be released in due course, in accordance with the Buyback Regulations.

Shares of INFOSYS LTD. was last trading in BSE at Rs.1398.6 as compared to the previous close of Rs. 1425.8. The total number of shares traded during the day was 753247 in over 40932 trades.

The stock hit an intraday high of Rs. 1435.95 and intraday low of 1375. The net turnover during the day was Rs. 1050610632.


Source: Equity Bulls

Click here to send ur comments or to feedback@equitybulls.com


Other Headlines:

Aarti Industries Ltd board approves fund raising proposal

PI Industries Limited board recommends final dividend of Rs. 2

Power Finance Corporation Limited arm forms two SPVs

Aarti Industries Limited board recommends 1:1 bonus issue

PI Industries Ltd Q4FY21 consolidated PAT at Rs. 179.8 crore

Chalet Hotels Ltd board approves issue of NCDs, NCNCRPS

Aarti Industries Ltd board recommends final dividend of Rs. 3

NLC India Limited announces shut down of Unit 5

Aarti Industries Ltd Q4FY21 consolidated net profit at Rs. 136.10 crore

Chalet Hotels Ltd to repurpose Sahar Mumbai Retail Mall into Commercial Office space

Ester Industries Ltd Board approves final dividend of Rs. 1.90

GlaxoSmithKline Pharmaceuticals Ltd board recommends dividend of Rs. 30

Chalet Hotels Ltd reports Q4 and FY21 results

Ester Industries Ltd Q4FY21 PAT at Rs. 33.88 crore

GlaxoSmithKline Pharmaceuticals Limited Q4FY21 consolidated net profit at Rs. 14.33 crore

Vi announces Covid-19 Special Relief Offers for 60 Mn Low Income Users

Edelweiss General Insurance launches IPOS, an end to end partner onboarding solution

Exide Life Insurance launches 'Guaranteed Wealth Plus', a Savings Plan with Unmatched Income and Guaranteed Maturity Benefits

Minda Corporation Ltd board recommends final dividend of Rs. 0.35

Inventure Growth & Securities Ltd to launch zero brokerage online trading platform

Minda Corporation Ltd Q4FY21 consolidated net profit at Rs. 12.92 crore

Torrent Pharmaceuticals Ltd reports Q4FY21 consolidated PAT of Rs. 324 crores

Gujarat Alkalies and Chemicals Ltd Board approves Dividend of Rs. 8

Brigade Enterprises Ltd board recommends final dividend of Rs. 1.20

Karur Vysya Bank donates Rs. 1.00 crore to the Tamil Nadu State Disaster Management Authority from its CSR funds

Gujarat Alkalies and Chemicals Ltd Q4FY21 consolidated PAT up at Rs. 34.66 crore

Brigade Enterprises Ltd Q4FY21 consolidated net profit at Rs. 39.57 crore

Majesco Collaborates with Infosys to Accelerate Digital Experience for Insurers

Ujjivan Small Finance Bank Ltd reports earnings for Q4FY21, FY2021

Shilp Gravures Ltd Board recommends dividend of Rs. 1.80

Opus Capital Markets Consultants Now Wipro Opus Risk Solutions

Shri Bajrang Alliance Ltd opens 3 new retail stores at Chandigarh

Umang Dairies Ltd Board recommends Dividend of Rs. 0.50

Torrent Pharmaceuticals Ltd Board recommends Final Dividend of Rs. 15

Astral Ltd Board approves final dividend of Rs. 1

Shilp Gravures Ltd Q4FY21 consolidated PAT declines QoQ to Rs. 1.45 crore

Upsurge Investment & Finance Ltd posts PAT of Rs. 2.21 crore in Q4FY21

Tata Motors Ltd posts Rs. 7605.40 crores consolidated loss in Q4FY21

Jindal Stainless (Hisar) Limited posts Q4FY21 consolidated PAT of Rs. 349.95 crore

Umang Dairies Ltd Q4FY21 loss at Rs. 1.02 crore

JSL Industries Ltd reports PAT of Rs. 0.09 crore in Q4FY21

Astral Ltd Q4FY21 consolidated PAT jumps to Rs. 174.6 crore

Coromandel Engineering Company Ltd posts PAT of Rs. 2.52 crore in Q4 FY2020-21

Century Enka Ltd board approves investment of Rs. 240 crores capex

Route Mobile Ltd board recommends dividend of Rs. 2

Pioneer Embroideries Ltd board recommends dividend of Rs. 0.25

Century Enka Ltd Board recommends Dividend of Rs. 8

Route Mobile Ltd Q4FY21 consolidated PAT falls QoQ to Rs. 35.36 crore

Pioneer Embroideries Ltd Q4FY21 consolidated PAT up at Rs. 10.57 crore

Jyothy Labs Ltd Board approves dividend of Rs. 4


Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2020