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.

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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.