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India’s second largest IT services provider Infosys Ltd will consider a buyback proposal when its board will meet on 13 October, the company informed the stock exchanges.
“Pursuant to Regulation 29(1)(b) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI LODR Regulations”), the Board of the Company will consider a proposal for buyback of fully paid-up equity shares of the Company at its meeting to be held on October 13, 2022, in accordance with the Securities and Exchange Board of India (Buy-Back of Securities) Regulations, 2018, as amended,” Infosys said in a filing.
The outcome of the board meeting will be disseminated to the stock exchanges after conclusion of the board meeting on 13 October, 2022, the company said.
Infosys will also declare its financial results for the September quarter (Q2FY23) on 13 October. The company’s board will also consider its first interim dividend for FY23.
For the financial year FY22, Infosys paid a 620% equity dividend to its shareholders aggregating to ₹31 per share. For this financial year, the first interim dividend of ₹15 per share was announced on 13 October, 2021, while the final dividend of ₹16 per share was declared on 13 April, 2022.
At the current market price, Infosys has a dividend yield of over 2.1%.
On Monday, Infosys shares closed 0.95% higher at ₹1,465.00 on the NSE. In the last one year, the scrip has fallen by 13.36%. The company’s market cap is around ₹6,10,871.36 crore.
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John Miller has been writing about science, gaming, and tech culture for over a decade. He’s a top-rated reviewer with extensive experience helping people find the best deals on tech and more.
