IT major Infosys Ltd on Monday said its board would decide on a proposal for share buyback in its meeting to be held on Thursday (October 13).
The board 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, Infosys said in a regulatory filing.
The board will finalise the company's second quarter results on October 13.
Under a share buyback or repurchase, a company buys back its own shares from investors or shareholders. It is seen as an alternative, tax-efficient way to return money to shareholders.
Infosys opens digital centre in Canada, to employ 1,000 peopleThis will support the company’s growth across Canada as it also plans to double its total workforce commitment in the country to 8,000 employees by 2024, said a release.
Shares of Infosys closed at ₹1,465 per unit, up 0.95 per cent on the BSE.
Last year, the Infosys board had approved an up to ₹9,200 crore buyback plan, which commenced on June 25, 2021.