The scrip was trading 3 per cent up at Rs 1,005 around 9.20 am (IST). Shares of the country’s second-biggest software services exporter opened at Rs 1,010 and touched a high and low of Rs 1,028 and Rs 998, respectively. The scrip settled the day at Rs 1,021.15, up 4.54 per cent.
The announcement comes close on the heels of the completion of a Rs 16,000 crore share buyback by rival Tata Consultancy Services (TCS).
“We would like to inform you pursuant to Regulation 29 (1)(b) of the Sebi (Listing Obligations and Discourse Requirements) Regulations, 2015, that the board of directors of Infosys Limited will consider a proposal for buyback of equity shares of the company at its meeting to be held on August 19, 2017," Infosys Company Secretary AGS Manikanta said in a release.
Manikanta also said Infosys is closing the trading window with immediate effect and the trading window will reopen on August 22.
The IT major in April had announced that it will pay up to Rs 13,000 crore to shareholders during the ongoing financial year through dividend and/or share buyback.
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