Infosys will consider a proposal for buyback of fully paid-up equity shares of the company. This will be the third buyback by the company in the last four years.
“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, 2021, in accordance with the Securities and Exchange Board of India (Buy-back of Securities) Regulations, 2018,” Infosys said. The IT services giant is also slated to hold a board meeting on April 13 and 14 to approve and take on record the consolidated financial results of the company for the quarter and year ended March 31, 2021.
Infosys had completed its Rs 8,260 crore and Rs 13,000 crore buyback in September 2019 and December 2017. In July 2019, the company altered its capital allocation policy to give back 85 per cent of its free cash flow to shareholders through a combination of semi-annual dividends, buyback and/or special dividends effective from FY20. The company was distributing up to 70 per cent of its free cash flow to the shareholders.
TCS and Infosys share prices hit fresh 52-week highs on Friday. BSE IT index scaled a fresh record high of 28,161.97, rising nearly a per cent.