Infosys gains 3% as board to consider share buyback proposal on August 19

STOCK MARKET - Infosys was up 3% at Rs 1,010 on BSE in early morning trade after the company said its board will meet on Saturday, August 19, to consider share buyback proposal.

“The board of directors of the Company will consider a proposal for buyback of equity shares of the Company at its meeting to be held on August 19, 2017,” Infosys said in a regulatory filing.

Infosys added that it was closing its trading window with immediate effect and that the window would reopen on August 22.

The Securities and Exchange Board of India (Sebi) has approved Infosys' share buyback and also offered a solution for participation by holders of the company’s American Depository Receipts (ADRs) and Global Depository Receipts (GDRs), the Business Standard reported. CLICK HERE TO READ FULL REPORT.

The cash-rich technology major had in April proposed to pay Rs 13,000 crore to shareholders through a buyback, but the proposal was tied in regulatory knots.

Thus far in the calendar year 2017, Infosys stock had underperformed the market by falling 3.3% as compared to 19% rise in the S&P BSE Sensex till Wednesday.

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