Daijiworld Media Network - Mumbai
Mumbai, Nov 20: Infosys’ largest-ever share buyback programme, valued at Rs 18,000 crore, opened for investors on Thursday and will remain active until November 26. The repurchase plan, approved overwhelmingly by shareholders on November 6 with 98.81% votes in favour, permits the IT major to buy back up to 10 crore fully paid-up equity shares at a fixed price of Rs 1,800 each, according to reports.
Only shareholders who held Infosys stock as of the record date, November 14, are eligible to participate. The buyback is being executed via the tender offer route on a proportionate basis, with Kotak Mahindra Capital Company serving as manager and KFin Technologies as registrar.
In a regulatory filing, Infosys confirmed that the repurchase window will remain open from November 20 to November 26, 2025. The company said the programme aims to return surplus funds after factoring in its strategic and operational cash requirements. The offer represents up to 2.41% of the firm’s paid-up equity capital.
Infosys shares rallied nearly 4% ahead of the buyback, closing at Rs 1,541.25 on the BSE on Wednesday.
Small shareholders—those holding equity worth up to Rs 2 lakh—have a 15% reserved quota. As per filings, 25,85,684 shareholders fall under this category. Their entitlement ratio stands at 2:11, while general-category shareholders are entitled to 17 shares for every 706 held.
Promoters, including N R Narayana Murthy, Nandan Nilekani and Sudha Murty, will not participate in the offer. The public shareholding is expected to shrink following the buyback, which could influence promoter voting rights depending on investor response.
Analysts say the premium of 17–21% over current market levels could lend short-term support to the stock. While past buybacks have had mixed impact, experts point out that the current valuation setup is more favourable.
Market expert Neeraj Dewan noted that unlike the previous buyback at Rs 1,850 three years ago, today’s lower valuations and prolonged consolidation may help the programme deliver stronger results.
Research analyst Hariprasad K added that the buyback price of Rs 1,800 could act as a “psychological floor”, offering long-term investors stability while giving those seeking exits a chance to book profits at a premium.
Infosys has conducted three earlier buybacks—Rs 13,000 crore in 2017, Rs 8,260 crore in 2019 and Rs 9,300 crore in 2022—making this the fourth in eight years.