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
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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