Infosys stock hit all-time high today, a day ahead of the IT firm’s share buyback worth Rs 9,200 crore. The IT stock touched record high of Rs 1,556.75 rising 3.59% against previous close of Rs 1,502.85.
Infosys share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The large cap stock has gained 117.24% in one year and risen 23.54% since the beginning of this year.
Market cap of the IT firm rose to Rs 6.61 lakh crore on BSE.
Total 3.27 lakh shares changed hands amounting to turnover of Rs 50.70. The stock opened at Rs 1,516 on BSE today.
The IT firm has proposed to buy back shares at a maximum price of Rs 1,750 apiece.
The board’s approval for the buyback was given on April 14, 2021, and the shareholders’ nod was received on June 19, 2021, at the company’s 40th annual general meeting.
FinMin officials to take up glitches in new I-T portal with Infosys
Kotak Mahindra Capital Company Ltd has been appointed as the manager of the share buyback.
The last date for the buyback (whichever is earlier) would be December 24, 2021 (6 months from the date of the opening of the buyback) or when the company completes the buyback by deploying the amount equivalent to the maximum buyback size.
Maximum number of equity shares that can be bought back would be 5,25,71,428 equity shares, comprising approximately 1.23 per cent of the paid-up equity share capital of the company as of March 31, 2021.
If the equity shares are bought back at a price below the maximum buyback price, the actual number of equity shares bought back could exceed the maximum buyback shares, but will always be subject to the maximum buyback size, Infosys said.