Infosys board agrees buyout at Rs 1,750 per share

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The board of directors of Infosys announced a share buyback

On Wednesday, the board of directors of information technology giant Infosys approved a buyback of Rs 9,200 crore at Rs 1,750 per share on the open market route.

In a stock exchange filing, the company said its board of directors approved a proposal for the company to buy back its own fully paid equity shares with a par value of Rs 5 each from shareholders, or 14.87 % and 13.53% of its total paid-up capital and free reserves as of March 31, 2021, totaling up to Rs 9,200 crore, or less than 15% of the total of the total paid-up share capital and the free reserves of the company.

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Previously, the company recorded a 17.5% jump in quarterly net profit. Its consolidated net profit soared to Rs 5,076 crore in the three months ending March 31, from Rs 4,321 crore a year earlier.

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