Infosys share price hits new LIFE HIGH on the back of buyback announcement, stock surge over 3.5%
On the back of buyback date announcement news, the shares of Infosys jumped over three and a half per cent to touch a new 52-week high of Rs 1,556.75 on the BSE in intraday trade on Thursday.
On the back of buyback date announcement news, the shares of Infosys jumped over three and a half per cent to touch a new 52-week high of Rs 1,556.75 on the BSE in intraday trade on Thursday.
The information and technology (IT) heavyweight on Wednesday had announced a Rs 9200 crore buyback offer to commence from Friday, June 25 2021, through an open route.
The stock has outperformed the market by surging near 15.5 per cent in the last one month, as compared to 4 per cent rise in the S&P BSE Sensex, and rose 23.5 per cent alone in 2021 so far.
At around 02.10 pm, the shares of the company are trading near the day’s high level, up over three per cent and has a market-capitalisation of 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 the announcement of fourth-quarter results of the financial year 2020-2021.
The Board approval for the buyback was issued on April 14, and shareholder approval was received on April 19, at the company’s 40th Annual General Meeting (AGM).
Infosys in an exchange filing had said the buyback is being undertaken after taking into account the strategic and operational cash needs in the medium term and for returning surplus funds to the members in an effective and efficient manner.
In a public announcement, Infosys on Wednesday said it shall utilise at least 50 per cent of the amount earmarked as the maximum buyback size for the buyback, which is Rs 4,600 crore. Based on the minimum buyback size and the maximum buyback price, the company will purchase an indicative minimum of 26.29 million equity shares.
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05:28 PM IST