Infosys Ltd’s share hit a new record high of Rs 1,755, up nearly 1 per cent on the BSE in intra-day trade on Wednesday. At 10:18 am, the stock traded at Rs 1,751.75, above its maximum share buyback price of Rs 1,750 per share.

The IT major had commenced a share buyback programme worth Rs 9,200 crore on June 25, 2021, wherein it had proposed to buy back shares at a maximum price of Rs 1,750 apiece. The buyback will be closing on the expiry of six months from the commencement date, or when the company completes the buyback by deploying the amount equivalent to the maximum buyback size, or at such earlier date as may be determined by the Board.

The company will utilise at least 50 per cent of the amount earmarked as the maximum buyback size for the buyback, i.e. Rs 4,600 crore. Based on the minimum buyback size and the top buyback price, the company will purchase an indicative minimum of 26.29 million equity shares.

Infosys said the company is undertaking the buyback after considering the strategic and operational cash needs in the medium term and returning surplus funds to the members effectively and efficiently.

In the past month, the stock has outperformed the market by gaining 13 per cent after Infosys raised its revenue growth guidance for the financial year 2021-22 (FY22) buoyed by a robust deal pipeline. In comparison, the S&P BSE Sensex was up 5.5 per cent during the same period.