Infosys approves share buyback worth $2 billion
FILE PHOTO: Figurines with computers and smartphones are seen in front of Infosys logo in this illustration taken, February 19, 2024. REUTERS/Dado Ruvic/Illustration/File Photo
India's No. 2 IT services provider Infosys approved a share buyback worth 180 billion rupees ($2.04 billion), its largest ever, the company said on Thursday.
It has set a buyback price of 1,800 rupees per share, and said the repurchase would be conducted via the tender offer route.
The latest buyback is also the fifth in the company's history. The last repurchase was carried out in 2022-2023.
"Indian IT companies are largely service-driven and investor friendly and that's why they are still looking at buybacks. They should look at M&A and also build products aimed at AI and cloud like the big tech companies of the U.S.," says Gaurav Vasu, founder of market research firm UnearthInsight.
U.S.-listed shares of Infosys were up 0.03 per cent at $16.99 after the announcement. Its shares in Mumbai, India closed 1.5 per cent lower at 1,509.7 rupees on Thursday.
($1 = 88.2740 Indian rupees)
