Infosys founders offer shares worth ₹2,038 crore for buyback

Infosys promoters, including iconic co-founders N.R. Narayana Murthy and Nandan Nilekani, have offered to sell as many as 1.77 crore shares — worth up to ₹2,038 crore — in the company’s ₹13,000 crore buyback offer.

The promoters group — which includes most of the founders and their families — have expressed their intention to be part of the company’s first buyback plan in its over three-decade history and have offered to tender a maximum of 1.77 crore shares.

At a buyback price of ₹1,150 per share, this could mean a windfall of ₹2,038.94 crore for the promoter group, if all the shares tendered by them are accepted in the buyback offer.

The founders and families — classified as promoters group — held 29.28 crore shares, or 12.75%, in Infosys at the end of June 2017.

The Bengaluru-based firm has been in the eye of a storm over the past few months, with founders and erstwhile board members clashing over allegations such as corporate governance lapses and irregularities in Infosys’ $200-million Panaya acquisition.