Infosys shares were trading flat on Monday morning at Rs 915 on NSE, after promoter and promoter and promoter group reportedly offered to sell as many as 1.77 crore shares—worth up to Rs 2,038 crore in the company's buyback programme.
Infosys shares were trading flat on Monday morning at Rs 915 on NSE, after promoter and promoter and promoter group reportedly offered to sell as many as 1.77 crore shares—worth up to Rs 2,038 crore—in the company’s Rs 13,000 crore share buyback offer.
The co-founders including N R Narayana Murthy who collectively hold 12.75% stake in Infosys, have offered to tender upto 1.77 crore shares in the buyback. The buyback price which is pegged at Rs 1,150 a piece implies a total of Rs 2,038.94 crore for the promoter group, if all the shares tendered by them are accepted in the buyback offer.
Earlier, Infosys had that some of its promoters have shown the intent to take part in the IT major’s share buyback programme. “ In terms of buyback regulations, under the tender offer route, the promoters have the option to participate in the buyback. We would like to inform that some of the members of the promoter and promoters group of the company have communicated their intention to participate in the proposed buyback,” the company stated in a regulatory filing last week.
According to media reports, Nandan Nilekani has offered to tender 58 lakh shares. Narayana Murthy, along with his family who together hold 3.44% stake, have offered tender up to 54 lakh shares. The other co-foeunders, S. Gopalakrishnan and family and K. Dinesh have offered to sell up to 22 lakh shares and 29 lakh shares, respectively.
The shares have lost more than 8.5% of their value in the year so far. Nirmal Bang Securities continues to remain cautions on the stock for the next 1-2 year period. The brokerage house told CNBC TV18 recently,” We continue to remain cautious on 12-24 month returns on Infosys.”