Infosys board clears share buyback

Bengaluru,(IANS) Software major Infosys Ltd on Thursday talked of share buyback of Rs 5 face value during the current financial year (2017-18,) up to the value of Rs 13,000 crore.

In a regulatory filing to the BSE, the IT firm said its board had decided to pay its shareholders by way of share buyback and/or dividend up to Rs 13,000 crore during this fiscal (FY 2018).

“Further announcements in this regard will be made, as appropriate, in due course,” said the filing.

As part of its revised capital allocation policy, the company’s board has approved to payout dividends up to 70 per cent of the free cash flow in FY 2018 as against 50 per cent of post-tax profit till the fiscal 2016-17.

Free cash flow is the net cash provided by operating activities less capital expenditure.

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