Global software major Infosys Ltd would buy back 113mn of its equity shares of Rs5 face value by paying Rs130,000mn at the price of Rs1,150 per share from November 30, said the IT major on Friday.
“Buyback of 11,30,43,478 equity shares of Rs5 each at a price of Rs1,150 per share under the tender offer route opens on November 30 and closes on December 14,” said the company in regulatory filing on the Bombay Stock Exchange. Offer managers Kotak Mahindra Capital Company Ltd and JP Morgan India Ltd submitted to the BSE a copy of the letter of offer sent to its shareholders on the buyback.
“The company has received the approval of the regulator (Securities and Exchange Board of India) on Thursday on the buyback and the offer letters will be dispatched to the shareholders by November 23,” said the filing.
“The last date of receipt of tender forms is December 18 and the last date of settlement of bids on the stock exchanges is December 26,” added the filing. The outsourcing firm made the public offer on October 10 after its investors voted overwhelmingly in favour of the buyback resolution through postal ballot and electronic voting conducted from September 8 to October 7.
“The offer size is 20.51% of the total paid-up capital and free reserves, aggregating up to 113mn A shares or 4.92% of the total shares for an amount not exceeding Rs130,000mn,” said the company in an earlier filing.
The promoters, including co-founders NR Narayana Murthy and Nandan Nilekani have offered to sell 17.7mn shares – valued at Rs20,380mn in the buyback offer.
According to the shareholding pattern, the promoters group, comprising co-founders and their families hold 12.92% of the shares, Foreign Institutional Investors (FIIs) & Foreign Portfolio Investors (FPIs) 37.33%, Indian retail, corporate and other investors 23.08%, Indian FIs, Banks and Mutual Funds 9.63%, American Depository Receipts 16.69% and Non-Resident Indians (NRIs) 0.52%. The company’s blue chip scrip, however, lost Rs17.65 per share to close at Rs970.95 per share at the end of Friday’s trading on the BSE as against Thursday’s price of Rs988.60 after opening at Rs989.80.
Global software major Infosys would buy back 113mn of its equity shares of Rs5 face value by paying Rs130,000mn at the price of Rs1,150 per share from November 30, the Indian IT major said on Friday.
