Infosys shares up over 1 per cent on fixing record date for buyback

New Delhi: Infosys on Tuesday rose by over 1 per cent on BSE after the company said it has fixed November 1, 2017 as the record date for its up to Rs 13,000 crore share buyback programme. The stock gained 1.29 per cent to close at Rs 935.60 on BSE.

Intra-day, it rose by 2.4 per cent to Rs 945.85. At NSE, shares of the company climbed 1.25 per cent to end at Rs 935.45. In terms of equity volume, 2.61 lakh shares of the company were traded on BSE and over 35 lakh shares changed hands at NSE during the day.

"The Buyback Committee has approved and fixed November 1, 2017 to be the record date for determining the entitlement and the names of the equity shareholders to whom the letter of offer will be sent and will be eligible to participate in the buyback...," Infosys said in a regulatory filing yesterday.

The share buyback, which will be the first in the company's 36-year long history, will see Infosys buying back over 11.30 crore shares at Rs 1,150 apiece. Share buybacks typically improve earnings per share and return surplus cash to shareholders, while supporting share price during period of sluggish market condition.