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market | IST

Is Infosys buyback coming to a close?

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Infosys buyback may be coming to a close. As of September 1, the company has bought back 5.41 crore shares. The average purchase price by the company is unknown but the broad range commenced with levels of Rs 1,550 and went all the way up to Rs 1,700-mark last week.

Infosys buyback may be coming to a close. As of September 1, the company has bought back 5.41 crore shares. The average purchase price by the company is unknown but the broad range commenced with levels of Rs 1,550 and went all the way up to Rs 1,700-mark last week. Assuming the buyback price of Rs 1,700, if one multiplies that by the number of shares that the company has bought back, Rs 9,200 crore is the maximum buyback size.
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Infosys had commenced an open market buyback programme worth Rs 9,200 crore on June 25, 2021, wherein it had proposed to buy back shares at a maximum price of Rs 1,750 apiece.
Coming back to the key question, is the company now approaching the end of its buyback?
The company has bought back the maximum amount that it had said it would, the question is how will the stock perform once buyback price support comes to an end.
The company has been a rank outperformer through the past few months. On August 24, it had hit its lifetime high at Rs 1,757 and since then, the stock has been correcting.
Watch the accompanying video of CNBC-TV18’s Reema Tendulkar for more.