Infosys to take shareholders' nod for Rs 9,300-crore share buyback
Infosys will seek shareholders' nod for its proposed Rs 9,300 crore share buyback between November 3 to December 2 through postal ballot, the company said in a regulatory filing.
The Infosys board on October 13 had announced a share buyback of Rs 9,300 crore via the open market route, for a price not exceeding Rs 1,850 per equity share.
"...the Company is required to obtain the approval of its Members for the Buyback by way of a special resolution through Postal Ballot or at a general meeting by providing the facility to Members to vote by electronic means. Accordingly, the Company seeks your approval for the Buyback through this Postal Ballot Notice," the filing said.
The board decided to return approximately 85 per cent of the free cash flow cumulatively over a five-year period through a combination of semi-annual dividends, share buyback, special dividends etc.
"The Company has engaged the services of NSDL for the purpose of providing e-voting facility to all its members. The ..