Infosys has cash in excess of $6.1 billion, which would come down by one-third after the payouts.
Infosys, India's second largest information technology firm, on Saturday, approved a proposal to buyback its fully paid-up equity shares of face value of Rs 5 each for an amount not exceeding Rs 13000 crore.
The company would buy back up to 11,30,43,478 crore shares aggregating up to 4.92 per cent of the paid-up equity capital via tender route at a price of Rs 1,150, Infosys said in a BSE filing.
The buyback is subject to approval of the shareholders by way of a special resolution through postal ballot and all other regulatory approvals.
The date for buyback will be announced in due course.
The board also said the buyback price represents premium of 17.73 per cent and 17.92 per cent over the closing price of equity shares on BSE and NSE, respectively, as on August 16, 2017, the date of intimation to the stock exchanges of the board meeting to consider the proposal of the buyback.
Photograph: Abhishek N Chinnappa/Reuters
