Global software major Infosys Ltd on Saturday announced it buy back 11.3 crore shares of Rs 5 face value at Rs 1,150 per share via a tender offer.
“The Board has approved a proposal to buy back 11.3 crore equity shares of Rs 5 face value from the shareholders at a price of Rs 1,150 per share for an amount not exceeding Rs 13,000 crore,” said the IT major in a regulatory filing on the BSE.
The offer size is 20.51 % of the total paid-up capital and free reserves, aggregating up to 11.3 crore shares or 4.92 % of the equity shares.
The development comes a day after Vishal Sikka, the Chief Executive Officer (CEO) and Managing Director (MD) of Infosys resigned from his post.
Meanwhile, Pravin Rao, Chief Operating Officer has been handed the responsibility to take over as the interim CEO of the company. Rao with over 30 years of experience has held multiple portfolios since he joined Infosys in the year 1986.
The development comes as the report of Infosys co-founder Narayana Murthy in an email dated August 9 said that at many as three independent directors had complained about Vishal Sikka as the CEO of the company.