Infosys is set to commence its largest-ever share buyback program worth ₹18,000 crore on Thursday, November 20, 2025, offering a key opportunity for investors. The buyback will remain open for subscription until November 26, 2025.
Key Details of the Buyback
Infosys plans to buy back 10 crore fully paid-up equity shares with a face value of ₹5 each, representing up to 2.41% of the total paid-up equity share capital. The buyback price is fixed at ₹1,800 per share. The company will repurchase shares on a proportionate basis through a tender offer route. According to Infosys, this buyback is being undertaken after considering the company's strategic and operational cash needs in the medium term. The aim is to return surplus funds to shareholders in an effective and efficient manner, aligning with the company's capital allocation policy. Promoters will not participate in this program.
Timeline for the Buyback
- Buyback Opens: November 20, 2025
- Buyback Closes: November 26, 2025
- Last Day for Tender Submissions: November 26, 2025
- Verification Completion by Registrar: December 1, 2025
- Acceptance/Non-Acceptance Communication: December 2, 2025
- Settlement of Bids, Return of Unaccepted Shares, and Payment: December 3, 2025
- Extinguishment of Equity Shares: December 12, 2025
Entitlement and Categories
The buyback is divided into two categories: reserved for small shareholders and a general category. A small shareholder is defined as someone holding equity shares with a market value of not more than ₹2,00,000 as of the record date, November 14, 2025. Infosys has set aside 15% of the buyback for small shareholders or their entitlement, whichever is higher. The buyback ratio for retail shareholders is set at 2:11, meaning two shares will be bought back for every 11 shares held. For the general category, the buyback ratio is 17:706. The entitlement factor works out to 18.1% for retail shareholders and 2.4% for the general category. There are 25,85,684 small shareholders of Infosys.
Shareholder Value and Capital Allocation
Infosys intends to steadily increase its annual dividend per share, excluding any special dividends. The company anticipates that the buyback will enhance shareholder value over the long term by reducing the equity base. Effective from the financial year 2025, Infosys expects to continue its policy of returning approximately 85% of free cash flow cumulatively over a 5-year period. This will be achieved through a combination of semi-annual dividends, share buybacks, and/or special dividends, subject to applicable laws and approvals.
Past Buybacks
Infosys has a history of share buyback programs, with the first one being announced in 2017. In 2017, the company purchased 11.3 crore shares, representing up to 4.92% of the paid-up equity share capital, for ₹1,150 per share, amounting to around ₹13,000 crore. In 2022, Infosys announced a share buyback of ₹9,300 crore via the open market route for a maximum price of ₹1,850 per share. Other buybacks include one worth ₹8,260 crore in 2019 and another of ₹9,200 crore.
Important Considerations for Investors
Eligible shareholders can tender their equity shares during the period from November 20 to November 26, 2025. Shareholders must submit completed tender forms and necessary documents, including physical share certificates where applicable, by November 26. The company received shareholders’ approval on November 6 for the share buyback. While Infosys bought back 4.9% of its equity in 2017, it will repurchase 2.4% this time. However, the ₹18,000 crore size makes this Infosys' largest-ever buyback, nearly double the size of its previous two programs.
