Lastly, Indian Public, corporates, and others (2,844,320 shareholders) hold a 25.92% stake in the company.
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The buyback is subject to the approval of the members of Infosys by way of a special resolution and all other applicable statutory/ regulatory approvals.Īs of September 30, 2022, Infosys has a free cash flow of ₹4,752 crore compared to ₹5,106 crore in Q1FY23.
Further, its consolidated cash and investments stood at ₹38,921 crore in Q2FY23 against ₹34,854 crore in Q1FY22.Īpart from the buyback, the Infosys board also approved an interim dividend of ₹16.50 per equity share.
The company has fixed October 28 as the record date for the dividend, while the payment date is set on November 10, 2022.Įarlier, for Infosys, Jefferies had said that the buyback is expected to support Infosys' share price amidst uncertain macro. Jefferies also highlighted that during previous buybacks, Infosys shares climbed by 12-21% from the announcement to the buyback's closure and outperformed Nifty IT on 2 of the past 3 occasions. Also, Infosys stock price had even reached the maximum buyback price during the previous two buybacks. Last year, Infosys launched a share buyback plan worth ₹9,200 crore. “While Infosys continues to outperform on growth, 3Q results inspire greater confidence on its ability to manage margins." The buyback commenced on June 25 and closed on September 14 of 2021.It has maintained its Buy rating with revised target price of ₹2,270 ((from ₹2,200). The company's margin stood at 23.5% in Q3FY22, up from 23.6% in the previous quarter. Infosys said growth remained broad-based during the quarter and deal momentum robust, with digital transformation rapidly scaling across verticals and regions.Įmkay has also maintain Buy rating with a revised target price of ₹2,160 (earlier ₹2,100), considering strong earnings momentum and a robust demand environment. Infosys remains confident of sustaining growth momentum on the back of broad-based demand, solid deal intake and a healthy deal pipeline, as per the brokerage.
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