Infosys buyback 2017 offer opens this week: Record date, latest news, all you need to know
Posted on 28th November 2017 |
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Infosys share buyback is all set to open on Thursday, 30 November 2017, after India’s second largest IT company Infosys announced 1 November as the record date for the repurchase of shares. In the Infosys buyback offer, all the investors who held Infosys shares as on 1 November 2017 are eligible to participate in Infosys buyback process. The record date for Infosys buyback was announced on 10 October 2017. The second largest IT company — Infosys — is coming up with the second largest share buyback in the history of Indian stock markets. Earlier in May 2017, India’s largest share buyback to date was offered by the country’s largest IT company — Tata Consultancy Services.
Infosys has a large cash pile of about Rs $5 billion out of which about $2 billion would be spent in buying back the shares. In the Infosys buyback process, Infosys is buying about 11.3 crore shares at a price of Rs 1,150 per equity share which is at a 17% premium from its current market price of Rs 983. Infosys would be spending a whopping amount of Rs 13,000 crore in order to purchase back 4.92% of its equity. Infosys’ huge share buyback offer is just shy of the biggest IPO (initial public offering) in India worth Rs 15,200 crore by Coal India Ltd in 2010.
The two-week long Infosys share buyback process from 30 November to 13 December is likely to improve earnings per share of the company with an opportunity to return unutilised and surplus cash to shareholders. Infosys’ share buyback will be the first in the company’s 36-year long history. Infosys share repurchase is managed by Kotak Mahindra Capital Company and JPMorgan India.
In the Infosys share buyback program, 15% of the offer size, which is about Rs 1,950 crore, out of the total size of Rs 13,000 crore is reserved for small shareholders who held shares worth up to Rs 2 lakh on the record date, according to SEBI guidelines. In May 2017, India’s largest IT firm Tata Consultancy Services completed its share repurchase worth Rs 16,000 crore, making it the largest ever share buyback in Indian corporate history.
Infosys’ mega buyback of Rs 13,000 crore may also see its promoters selling their shares. Reportedly, NR Narayana Murthy would offer about 7.2 lakh shares while Nandan Nilekani would tender 21 lakh shares. If all the shares are accepted, it would mean that Nandan Nilekani will get Rs 241.5 crore from the first buyback of Infosys ever. |
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Bharti Airtel defers Q2 results till Nov 14 over ambiguity on AGR verdict
Posted on 29th October 2019 |
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Bharti Airtel said on Tuesday it has postponed its second-quarter earnings report to mid-November, as the wireless operator sought clarity on the court ruling asking telecom firms to cough up overdue payments to the government.
Shares of the company, which was expected to release its quarterly numbers later in the day, dropped 3.3 per cent in early trade. |
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Rupee slips 8 paise vs US dollar in early trade amid drop in oil prices
Posted on 7th October 2019 |
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The rupee on Monday opened eight paise lower at 70.96 against the US dollar amid drop in crude oil prices and rise in Asian equities. The domestic unit on Friday closed almost flat at 70.88 against after the Reserve Bank of India (RBI) in a widely expected move cut key interest rates by 0.25 percentage point. On a weekly basis, the local unit slumped by 32 paise. |
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LIC pips private insurers in first-year premium growth during April-August
Posted on 13th September 2019 |
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In the first five months of the current financial year, first-year premiums of life insurance companies grew by 39.84% (year-on-year) at Rs 1.05 lakh crore as compared to Rs 75,588.35 crore in April-August of 2018-19. Life Insurance Corporation of India (LIC) continued to grow at a faster pace compared to private insurance players, shows the data from the Insurance Regulatory and Development Authority of India (Irdai). |
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Apollo Hospitals rules out further stake sale
Posted on 13th September 2019 |
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Apollo Hospitals Enterprise (AHEL) has ruled out further dilution of promoters’ stake in the company. The company also said its Rs 1,337-crore stake sale of Apollo Munich Health Insurance with mortgage major HDFC will be concluded by October. Following these stake sales, the promoters’ pledged position will come down from a high of 76% to 54% by October and eventually to 20% by November or December, company sources said here. |
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World trusts India on Kashmir, not us: Pakistan minister Ijaz Ahmed Shah
Posted on 13th September 2019 |
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In a major embarrassment for Pakistan and its Prime Minister Imran Khan, the country's Interior Minister Ijaz Ahmed Shah, a retired brigadier, said the international community didn't believe Pakistan's narrative on Kashmir; instead it is India whose version is trusted. |
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