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Infosys board to consider share buyback on August 19

The company had said it would pay shareholders up to $2 billion through dividends and share buybacks in FY18 in April.

, ET Bureau|
Updated: Aug 17, 2017, 08.02 AM IST
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Infosys said it was closing its trading window with immediate effect and that the window would reopen on August 22.
Infosys said it was closing its trading window with immediate effect and that the window would reopen on August 22.
BENGALURU: Infosys’s board will consider a proposal to buy back shares at a meeting on August 19, the company said in a late filing to the stock exchanges.

The company had said it would pay shareholders up to $2 billion through dividends and share buybacks in FY18 in April, but investors had been getting testy as no buyback had materialized in the following months.

The company had said it needed to get approvals from multiple exchanges and regulators before going through with the buyback which was causing the delay.

“The board of Directors will consider a proposal for buyback of equity shares of the company at its meeting to be held on August 19, 2017,” Infosys said in a statement.

Infosys added that it was closing its trading window with immediate effect and that the window would reopen on August 22.

The company is yet to reveal the details of its buyback even as rival Tata Consultancy Services completed the Rs 16,000 crore buyback it announced in February. Cross-town rival Wipro has announced in second buyback in as many years.

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