Infosys shares up 2% on bourses

Tags: Companies
Shares of Infosys went up by 2 per cent following news that three former executives have asked the company to consider a buyback of shares.

The IT major's stock settled the day 2.01 per cent higher at Rs 3,574.70 on the BSE. During the day, it rose by 2.86 per cent to Rs 3,604.50.

At the NSE, Infosys' scrip was up 1.34 per cent to close the day at Rs 3,560.

On the volume front, 1.27 lakh shares of the company changed hands at the BSE, while over 22 lakh shares were traded at the NSE during the day.

Infosys' former directors T V Mohandas Pai, V Balakrishnan and D N Prahlad have asked the nation's second biggest software firm to buyback shares worth Rs 11,200 crore to boost stock's value.

The former executives are seeking Rs 3,850 a share, which is at a premium of 7.7 per cent over the company's closing price of Rs 3,574 on the BSE today.

Balakrishnan, who resigned from the company's board in December, Pai, who left the board in 2011, and Prahlad, a former senior vice president, on July 29 wrote to Infosys Board saying the share buyback will help check the "asymmetry of information" between management and investors.

"There is a dramatic valuation dis-connect in the market place and this needs to be corrected," the three wrote.

EDITORIAL OF THE DAY

  • It is for the market, not the government to decide the fares of private air carriers

    In a country where substantial lip service is paid to the glories of a free economy and laissez faire, there is enough evidence to suggest that in rea

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

Sarthak Raychaudhuri

vice-president, HR, Asia South Whirlpool of India

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

TODAY'S COLUMNS

Urs Schoettli

New masters of the Financial Times

A few days ago, Japan’s leading financial daily Nihon Keizai ...

Anuja Sharma

Focus mindfully to get the result

Have you ever tried to light a fire using the ...

Gautam Gupta

Our fashion schools need to notch it up

“Creativity is the key to success and primary education is ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture