India's Infosys approves up to $2 billion buyback of shares

Posted August 20, 2017

"I started my journey as the CEO of this iconic Company with a mission totransform it on the basis of software, especially [artificial intelligence], and innovation, enabled by education".

Blaming Murthy for Sikka's resignation, the Board in a statement said the founder's continuous assault, including the latest letter, was the primary reason for the former's resignation despite strong Board support. He also cited recent business challenges created by geopolitical developments, including US leadership by President Donald Trump and last year's Brexit vote in the United Kingdom.

The buyback comes in the wake of the resignation of Vishal Sikka, who was embroiled in a feud with the company founders.

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Infosys describes itself as a global leader in technology services and consulting with clients in 45 countries.

The board of Infosys has already formed a committee to look for Vishal Sikka's successor and has said a new MD and CEO will be appointed before March 31, 2018.

The buyback price represents a premium of 19.08% and an 18.7% over the volume weighted average market price of the equity shares on BSE and NSE during the three months preceding the date of intimation to the stock exchanges of the board meeting, according to the filing.

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The Infosys board immediately refuted those allegations in a public statement, calling the letter's assertions "libelous" and "aimed at tarnishing the image of Infosys and its management".

Post the downfall of the shares at the market, the board members opened up about the founder, went saying, "The founder of Infosys has been released to various media houses attacking the integrity of the Board and Management of the Company alleging falling corporate governance standards in the Company". "I voluntarily left the Board in 2014 and am not seeking any money, position for children or power". He added that he planned to respond to those allegations further "in the right manner and in the right forum and at the appropriate time".

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