Infosys share repurchase: India’s second-largest IT services provider, Infosys Ltd, said its board would decide on a share buyback proposal at its meeting on Thursday, October 13.
The company’s board of directors will consider a proposal to repurchase fully paid-up capital shares of the company at its meeting to be held on October 13, 2022, according to the Securities and Exchange Board of India (Securities Buyback) 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 the repurchase of paid-up capital shares of the Company at its meeting to be held on 13 October 2022, in accordance with the Securities and Exchange Board of India (Securities Repurchase) Regulations, 2018, and its modifications,” Infosys said in a presentation. .
The result of the board meeting will be released to stock exchanges after the conclusion of the board meeting on October 13, 2022, the company said.
A share buyback, also known as a share buyback, is a corporate action to repurchase its own outstanding shares from its existing shareholders, usually at a premium over the prevailing market price. It can be an alternative and tax-efficient way of returning money to shareholders. Stock buybacks reduce the number of shares outstanding, which can increase share value and earnings per share (EPS).
Interim dividend for fiscal year 23
The board will finalize the company’s second-quarter results on October 13. The company’s board will also consider its first interim dividend for fiscal year 23.
For the fiscal year FY22, Infosys paid a 620 percent equity dividend to its shareholders, amounting to Rs 31 per share. On October 13, 2021, Rs 15 per share was announced as the first interim dividend for this fiscal year. On April 13, 2022, Rs 16 per share was announced as the final dividend. At the current market price, Infosys has a dividend yield of more than 2.1 percent.
On Monday, Infosys shares closed 0.95 percent higher at Rs 1,465.00 on the NSE. In the last year, the scrip has fallen by 13.36 percent. The market capitalization of the company is around Rs 6,10,871.36 crore.
