Breaking News

Infosys promoters cash in on the shares buyback scheme

The shares buyback scheme launched by Infosys was a welcome and lucrative deal for investors, and now even the promoters of the company have announced their intentions to benefit from the buyback scheme. At the end of June 2017, the total holding of the promoters in Infosys was 29.28 crore shares, which is 12.75 percent of the total shares. Now, with the buyback scheme, the founders have said that they will be selling around 1.77 crore shares. The deal will make them cash rich, as they will gain nearly 2,038 crore from the sale of their shares. The promoters of Infosys include co-founders N.R. Narayana Murthy and Nandan Nilekani. It may be recalled that this is the first shares buyback plan being announced by Infosys in its long history of more than three decades.

The share buyback scheme has been launched at an effective price of Rs 1,150 per share. At this rate, the promoters of Infosys will gain Rs 2,038 crore as windfall. The largest seller will be Nilekani who has offered to sell 58 lakh shares. Next is Murthy, who has offered to sell 54 lakh shares. S. Gopalakrishnan and K. Dinesh have offered to sell 22 lakh and 29 lakh shares respectively. Wife and son of S.D. Shibulal have offered to sell 14 lakh shares. The exact reason of selling their shares may not be known, but experts reasoned that may be the promoters’ last chance to cash in, as the future of the company will be uncertain from here onwards.

About Satya Singh

Comments are closed.

Scroll To Top