Bengaluru: Global software major Infosys Ltd would buy back 11.3-crore of its equity shares of Rs 5 face value by paying Rs 13,000 crore at the price of Rs 1,150 per share from November 30, said the IT major on Friday.
"Buyback of 11,30,43,478 equity shares of Rs 5 each at a price of Rs 1,150 per share under the tender offer route opens on November 30 and closes on December 14," said the company in regulatory filing on the BSE. Offer managers Kotak Mahindra Capital Company Ltd and J.P. Morgan India Ltd submitted to the BSE a copy of the letter of offer sent to its shareholders on the buyback.
"The company has received the approval of the regulator (Securities and Exchange Board of India) on Thursday on the buyback and the offer letters will be dispatched to the shareholders by November 23," said the filing. "The last date of receipt of tender forms is December 18 and the last date of settlement of bids on the stock exchanges is December 26," added the filing. The outsourcing firm made the public offer on October 10 after its investors voted overwhelmingly in favour of the buyback resolution through postal ballot and electronic voting conducted from September 8 to October 7.
"The offer size is 20.51 per cent of the total paid-up capital and free reserves, aggregating up to 11.3-croreAshares or 4.92 per cent of the total shares for an amount not exceeding Rs 13,000 crore," said the company in an earlier filing. The promoters, including co-founders N.R. Narayana Murthy and Nandan Nilekani have offered to sell 1.77 crore shares - valued at Rs 2,038 crore in the buyback offer.
According to the shareholding pattern, the promoters group, comprising co-founders and their families hold 12.92 per cent of the shares, Foreign Institutional Investors (FIIs) & Foreign Portfolio Investors (FPIs) 37.33 per cent, Indian retail, corporate and other investors 23.08 per cent, Indian FIs, Banks and Mutual Funds 9.63 per cent, American Depository Receipts 16.69 per cent and Non-Resident Indians (NRIs) 0.52 per cent.
The company's blue chip scrip, however, lost Rs 17.65 per share to close at Rs 970.95 per share at the end of Friday's trading on the BSE as against Thursday's price of Rs 988.60 after opening at Rs 989.80.