Infosys seeks investors’ support
The Board has approved the buyback of 11.3 cr equity shares
BENGALURU:Global software major Infosys Ltd has sought its shareholders’ approval, through postal ballot and electronic voting, for buyback of equity shares and appointments of co-founder Nandan Nilekani as nonExecutive Chairman, U.B. Pravin Rao as Managing Director and D. Sundaram as an Independent Director.
“The postal ballot notice is being sent to all shareholders whose names are in the register as on 30 August 2017 to seek their approval for the buyback of the equity shares and appointments of Nilekani, Rao and Sundaram on executive posts,” said the IT major in a regulatory filing on the BSE on Friday.
The voting through postal ballot and e-voting will be held from 8 September to 7 October and results will be announced on 9 October.
Practising Company Secretary Paramehswar Hegde will be the scrutiniser for the postal ballot and e-voting, while the National Securities Depository Ltd (NSDL) will conduct the e-voting.
The Board on 19 August approved the buyback of 11.3 crore equity shares of Rs 5 face value at Rs 1,150 per share on a proportionate basis through the tender offer route as per the regulatory rules.
The offer size is 20.51% of the total paid-up capital and free reserves, aggregating up to 4.92% of the total shares for an amount not exceeding Rs 13,000 crore.
According to the shareholding pattern, the promoters group, compris- ing co-founders and their families hold 12.92% of the shares, Foreign Institutional Investors & Foreign Portfolio Investors 37.33 per cent, Indian retail, corporate and other investors 23.08%, Indian FIs, Banks and Mutual Funds 9.63%, American Depository Receipts 16.69% and NRIs 0.52%.
The company is also seeking the shareholders’ consent through a special resolution on the appointment of Nilekani as an additional, non-executive and non-independent Director as decided by the Board on 24 August.
Shareholders’ approval is also being sought through another resolution for the appointment of Rao as the company’s Managing Director for 5 years, with no additional remuneration.