India’s second largest IT company Infosys, offered a share buyback programme to acquire approximately 20% of the aggregate paid-up equity share capital and free reserves of the company for a total consideration price of Rs 13,000 crores (around $2.03 billion), as reported by The Economic Times and a press release by the BSE. The buyback, which opened on November 30, 2017, and ended on December 14, 2017, has been the first in the company’s 36-year long history and quoted a price of Rs 1,150 a piece.

AZB & Partners acted as the Indian legal counsel for Infosys and was led by senior partner Sai Krishna Bharathan, partners Sugandha Asthana and Harsh Maggon along with senior associate Palaq Vora.

Kotak Mahindra Capital and J. P. Morgan India were the book running lead managers to the offer.

The buyback had been a long-standing demand by some of the founders and high-profile former executives, who have been pushing Infosys to return surplus capital to shareholders.

2017-08-19

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