Infosys seeks nod of board for share buyback

New Delhi: India's second largest software major has sought permission from shareholders for share buyback. For this the company has sought approval of shareholders to change Articles of Association.

According to the Infosys postal ballot notice, uploaded on the company's website, "Power to purchase its own equity shares or other securities by way of a buy-back arrangement has been included and provisions relating to nomination facility for shares by a shareholder have been inserted.”

The notice also stated that as per article 13, the power of the board to issue shares at a discount has been deleted in line with the Companies Act, 2013.
"The board has recommended the adoption of new Articles of Association of the company in conformity with the Companies Act, 2013 to the shareholders for approval," Infosys had said earlier in a BSE filing.

Already TCS and Cognizant have come up with share buy back program in the past.