Globalsoftware major Infosys on Wednesday said it would buy back shares amounting toRs 9,200 crore ($1.23 billion) from the open market route.
"Aspart of capital allocation, the board of directors approved buyback of sharesequity shares from the open market route through the stock exchanges amountingto Rs 9,200 crore, excluding tax," said the city-based IT major in astatement here.
Thebuyback will be subject to the approval of the company's shareholders in theannual general meeting (AGM) of the company in June.
Thelast time (the second) when the IT major bought back shares was in March 2019,buying 2.36 per cent of the paid-up capital (103.25 million shares) worth Rs8,260 crore at Rs 800 per share.
Itmade a maiden buyback of 11.3 crore equity shares in December 2017 for Rs13,000 crore at Rs 1,150 per share.
Theboard, which met here to approve the company's financial results for fiscal2020-21, also recommended a final dividend of Rs 15 per share of Rs 5 facevalue under its capital allocation policy.
"WithRs 12 per share interim dividend paid in October 2020, the total dividend forthe fiscal will be Rs 27 per share, which is a 54 per cent increase over thedividend for the previous fiscal (2019-20)," said the statement.
Theoutsourcing firm reported Rs 5,076-crore consolidated net profit for the fourthquarter (January-March) of the fiscal under review, registering 17.5 per centannual growth from Rs 4,321 crore in the same period a year ago.
Sequentially,net profit for the quarter (Q4), however, declined 2.3 per cent from Rs 5,197crore in the third quarter (October-December) of the fiscal.
Consolidatedrevenue for the quarter under review (Q4) increased 13.1 per cent year-on-year(YoY) to Rs 26,311 crore from Rs 23,267 crore in like period a year ago androse 1.5 per cent sequentially from Rs 25,927 crore a quarter ago.
Forthe entire fiscal (2020-21), the IT behemoth posted Rs 1,00,472 croreconsolidated revenue, registering 10.7 per cent YoY growth from Rs 90,791 crorea year ago in fiscal 2019-20.
Thisis the first time the company's annual revenue crossed Rs 1-lakh crore.
Netprofit grew 16.6 per cent YoY to Rs 19,351 crore for the fiscal under reviewfrom Rs 16,594 crore a year ago (2019-20).
Thecompany's blue-chip scrip of Rs 5 face value closed at Rs 1,398.60 per share atthe end of trading on BSE against opening price of Rs 1,433.80 per share andTuesday's closing price of Rs 1,425.80 per share.