Infosys to consider share buyback on October 13

The company is set to announce its second-quarter results the same day.

“The Board of the Company will consider a proposal for buyback of fully paid-up equity shares of the Company at its meeting to be held on October 13, 2022, in accordance with the Securities and Exchange Board of India (Buy-Back of Securities) Regulations, 2018, as amended,” the company said in a filing to the stock exchanges.

The board will also consider the company’s first interim dividend for FY23.

In October 2021, Infosys bought back over 5.58 crore equity shares as part of an about Rs 9,200-crore buyback offer. The shares were bought back at a volume weighted average price of Rs 1,648.53 per share, according to a public notice.

From 2019-20, Infosys had enhanced its capital allocation plan and said it would return 85% of free cash flow cumulatively over a five-year period via buyback and dividends.

During the second quarter preview analysis, analysts had said that to meet the 85% target, the company would have to announce a buyback during the current quarter.