In a letter to various stock exchanges, India's second largest IT company, Infosys, said that it will restart trading on the markets on August 22, 2017.
Numerous country's IT majors are facing strong headwinds amid slowing growth in their core business due to automation and a crackdown on visas in countries like US.
As of June 30, 2017, Infosys is now sitting on liquid assets (cash and investment) of over Rs 39,000 crore and is under pressure to distribute it to shareholders, NDTV reported.
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The Infosys buyback comes almost a month after rival Wipro announced on July 20 to buyback 343.75 equity shares of Rs 2 each for Rs 11,000 crore at Rs 320 per share.
The country's No. 2 software services exporter had said in April, it would return up to $2.03 billion to shareholders in the fiscal year ending March 2018, adding the manner of the payout will be decided by later by the board.
Indian IT bellwether Tata Consulting Services (TCS) completed buyback of its 5.6 crore equity shares of Re 1 each on May 31 at Rs 2,850 per share, with the attractive offer oversubscribed by 221 per cent or 12.4 crore shares.
So far in this calendar year Infosys shares have underperformed the broader index. Infosys' share closed at Rs 976 a piece on Wednesday on the BSE.