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Infosys Ltd has hit a new high of Rs 1,539.90, up 2.5 per cent on the BSE in intra-day trade on Thursday after the information technology (IT) major announced that its Rs 9,200 crore buyback via open route would commence on Friday, June 25, 2021.
In the past month, Infosys has outperformed the market by surging 14 per cent, compared to a 4 per cent rise in the S&P BSE Sensex. A sharp run-up in stock price has seen Infosys’ market capitalisation cross Rs 6.5 trillion. In the morning trade, the market-capitalisation of Infosys stood at Rs 6.56 trillion on the BSE, the exchange data shows.
Infosys has proposed to buy back shares at a maximum price of Rs 1,750 per share. The company had announced its intention of a share buyback during its Q4FY21 results.
Board approval for the buyback was issued on April 14, and shareholder approval was received on April 19 at the 40th Annual General Meeting (AGM). The share buyback follows the company board’s decision to return 85 per cent of the free cash reserves throughout five years through a combination of dividends and share buyback to shareholders.
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