Bengaluru, Oct 22 (IANS) Infosys promoters and members of the promoter group, including co-founder Nandan M. Nilekani and Sudha Murty, have decided not to participate in the company’s Rs 18,000 crore share buyback, the IT major said in an exchange filing on Wednesday.

The promoters collectively hold 13.05 per cent of Infosys’ equity as of the buyback announcement date.

The promoters include co-founder N.R. Narayana Murthy’s family — wife Sudha N. Murty, daughter Akshata Murty, and son Rohan Murty — as well as co-founder Nilekani, his wife Rohini Nilekani, and their children Nihar and Janhavi Nilekani, among other co-founders and their families.

The Infosys board, at its meeting on September 11, approved the company’s largest-ever share buyback, valued at Rs 18,000 crore. The company will repurchase 10 crore fully paid-up equity shares of a face value of Rs 5 each, representing up to 2.41 per cent of the total paid-up equity share capital, for Rs 1,800 per share

“Board of Directors of Infosys Limited (“Company”) approving the proposal to buyback equity shares for an amount of Rs 18,000 crore at a price of Rs 1,800 per Equity Share, payable in cash, comprising a purchase of 10,00,00,000 fully paid-up equity shares of the Company of face value of Rs 5 per each,” the company said in the exchange filing.

Infosys said the buyback aims to balance strategic and operational cash needs while returning surplus funds to shareholders in line with its capital allocation policy.

This marks Infosys’ fifth buyback since 2017. The first, worth Rs 13,000 crore, saw the company repurchase 11.3 crore shares at Rs 1,150 apiece.

Subsequent buybacks included Rs 8,260 crore in 2019, Rs 9,200 crore in 2021, and Rs 9,300 crore in 2022.

The Bengaluru-headquartered IT giant’s decision to initiate its largest buyback to date underscores its strong cash position and commitment to shareholder value creation.

–IANS

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