Infosys, one of the largest providers of IT services to come out of the country, will hold a board meeting on 19th August. The same was disclosed after a filing to stock exchanges late on Wednesday evening.
In April this year, Infosys had announced that it would pay close to ₹13000 crores to its share holders through buybacks and in form of dividends. However, no development on the same was noticed in the following months. After the announcement of the board meeting on 19th, speculations have risen that the company might announce share buyback which share holders are waiting for.
In a statement yesterday, the company stated that the proposal of the buyback will be raised at the board meeting scheduled for 19th. The final decision will, however, depend on the outcome of the board meeting, which is expected to turn out in the favour of a major buyback. According to Infosys, to implement the share buyback scheme, it needs to take permission from a number of authorities including multiple stock exchanges and the same has affected the time frame of its announced buyback.
Infosys has also announced that the trading window for Infosys shares will be shut immediately and will be opened again on 22nd August.
Top IT giants including TCS and Wipro have also been buying back the shares lately. TCS has just completed a buyback program worth ₹16000 crores whereas Wipro has announced 2 of its buyback programs in last 2 years.