Shares of Infosys Ltd are in focus on Thursday after the IT major informed stock exchanges that its promoter and promoter group, including founders Narayana Murthy, Sudha Murty, Nandan Nilekani, and others, have decided not to participate in the company’s Rs 18,000 crore share buyback programme.

In a filing to the stock exchanges, dated October 22, Infosys said the buyback proposal involves the repurchase of up to 10 crore fully paid-up equity shares of face value Rs 5 each, representing up to 2.41 per cent of the company’s total paid-up equity share capital on a standalone basis. The buyback will be executed at a price of Rs 1,800 per share, payable in cash. Advertisement

Infosys clarified that a draft version of the Letter of Offer has been filed with the U.S. Securities and Exchange

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