Infosys to return up to $2 billion to shareholders; appoints co-chairman.


Infosys Ltd, India’s second-biggest software services exporter, said on Thursday it would return up to $2 billion to shareholders, yielding to pressure for a share buyback from a group of founders and former executives.

It also announced the appointment of Ravi Venkatesan, an independent director, as co-chairman of the board - part of efforts to address the founders’ corporate governance concerns.

Some founders and former executives of the Bengaluru-based company have publicly accused its board of governance lapses and urged it to follow the lead of rival Tata Consultancy Services that announced a $2.4 billion share buyback in February.

Infosys said it would return up to Rs 130 billion ($2.02 billion) to shareholders in the fiscal year ending March 2018, adding the manner of the payout will be decided by the board.

However, Infosys shares fell 2.4% in early trading on Thursday, as the market had been hoping for a larger payout.

The company also reported a small rise in consolidated net profit to Rs 36.03 billion ($559.45 million) in the three months to March, while revenue grew 3.4% to Rs 171.20 billion.

Analysts, on average, had expected a consolidated profit of Rs 35.67 billion, according to Thomson Reuters data.

Infosys said it expects revenue for the year 2017-18 to grow 6.5% to 8.5% in constant currency terms.


Write your Comments on this Article

Disclaimer: Please write your correct name and email address. Kindly do not post any personal, abusive, defamatory, infringing, obscene, indecent, discriminatory or unlawful or similar comments. will not be responsible for any defamatory message posted under this article. Please note that under 66A of the IT Act, sending offensive or menacing messages through electronic communication service and sending false messages to cheat, mislead or deceive people or to cause annoyance to them is punishable. It is obligatory on to provide the IP address and other details of senders of such comments, to the authority concerned upon request. Hence, sending offensive comments using will be purely at your own risk, and in no way will be held responsible. Similarly, reserves the right to edit / block / delete the messages without notice any content received from readers.

  • Konkan World
  • Stay Connected
  • Facebook Google+ Twitter YouTube

KONKAN WORLD offers accurate, up-to-date, a large collection of videos from KONKAN WORLD VIDEOS and indulge in fun you will not find else where!.
© Copyright 2014 Konkanworld media Inc