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Infosys on Saturday announced a Rs 13,000-crore share buyback, a day after its CEO and MD, Vishal Sikka resigned following differences with the founders.
The board, which approved the buyback, said it would buy back shares at Rs 1,150 each. This represents a premium of 25 per cent on Friday's closing price of Rs 923 on the BSE.
It plans to buy back 113 million shares or 4.92 per cent of its equity capital. Infosys has cash and cash equivalents of $6.1 billion, which will reduce by one-third, after the buyback.
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