Rs.13,000 crores buyback offer of Indias second largest IT company Infosys will open on 30th November and end on 4th December 2017.
The highlights of the buyback dates in a regulatory filing, Infosys said in their letter dated 16th November received observation from the Securities and Exchange Board of India on the draft letter of the buyback.
The share buyback, which will be first in the company's 36-year history, will see Infosys buyback over 11.30 crore shares at Rs.1,150 a piece.
The buyback had been a long-standing demand by some of the founders and high profile former executives who have been pushing Infosys to return surplus capital to shareholders.
Share buyback typically improves earnings per share and return surplus cash to shareholders, while supporting share price during a period of a sluggish market condition.
Earlier this year, its larger rival Tata Consultancy Services completed Rs.16,000 crore mega buyback offer.Other competitors like Cognizant, Wipro, Mindtree had also made similar announcements.