India’s second largest IT company Infosys said its Rs 13,000-crore buyback offer will open on November 30 and end on December 14.
Outlining the buyback dates in a regulatory filing, Infosys said that the company through letter dated November 16 received observations from the Securities and Exchange Board of India on the draft letter of offer for the buyback.
The buyback, said the BSE filing, will open on November 30 and close on December 14.
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 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 similar announcements.