(PTI) India's second-largest IT services company Infosys on Thursday announced a share buyback of ₹9,300 crore via open market route, for a price not exceeding ₹1,850 per equity share.
The board has also declared an interim dividend of ₹16.50 per share, an increase of 10 per cent over FY22 interim dividend.
The total amount of interim dividend will be about ₹6,940 crore, Infosys said in a statement.
"The Board in its meeting held today approved...buyback of equity shares, from the open market route through the Indian stock exchanges, amounting to ₹9,300 crore (maximum buyback size, excluding buyback tax) at a price not exceeding ₹1,850 per share (maximum buyback price), subject to shareholders' approval," the statement said.
The buyback price is 30 per cent higher than the scrip closing price of ₹1,419.7 apiece on Thursday.
Under a share buyback or repurchase, a company buys back its own shares from investors or shareholders. It is seen as an alternative, tax-efficient way to return money to shareholders.
Last year, the Infosys board had approved an up to ₹9,200 crore buyback plan, which commenced on June 25, 2021 and ended on September 14, 2021.