Infosys Ltd said its board would decide on a proposal for share buyback in its meeting to be held on Thursday, October 13.
Infosys Share Buyback: India’s second-largest IT services provider Infosys Ltd said its board would decide on a proposal for share buyback in its meeting to be held on Thursday, October 13.
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 October 13, 2022, in accordance with the Securities and Exchange Board of India (Buy-Back of Securities) Regulations, 2018, Infosys said in a regulatory filing.
“Pursuant to Regulation 29(1)(b) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI LODR Regulations”), 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 October 13, 2022, in accordance with the Securities and Exchange Board of India (Buy-Back of Securities) Regulations, 2018, as amended,” Infosys said in a filing.
The outcome of the board meeting will be disseminated to the stock exchanges after conclusion of the board meeting on 13 October, 2022, the company said.
A share buyback, also known as share repurchase, is a corporate action to buy back its own outstanding shares from its existing shareholders usually at a premium to the prevailing market price. It can be an alternative tax-efficient way to return money to shareholders. Share buybacks reduce the number of shares in circulation, which can increase the share value and the earnings per share (EPS).
Interim Dividend for FY23
The board will finalise the company’s second-quarter results on October 13. The company’s board will also consider its first interim dividend for FY23.
For the financial year FY22, Infosys paid a 620 per cent equity dividend to its shareholders aggregating to Rs 31 per share. For this financial year, the first interim dividend of Rs 15 per share was announced on 13 October, 2021, while the final dividend of Rs 16 per share was declared on 13 April, 2022. At the current market price, Infosys has a dividend yield of over 2.1 per cent.
On Monday, Infosys shares closed 0.95 per cent higher at Rs 1,465.00 on the NSE. In the last one year, the scrip has fallen by 13.36 per cent. The company’s market cap is around Rs 6,10,871.36 crore.
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