Infosys is set to roll out its largest-ever share buyback programme, with an estimated Rs 18,000 crore, from November 20, 2025. The tender window will be open till November 26th. The company intends to buy back a maximum of 10 crore fully paid-up equity shares of face value Rs 5 each at Rs 1,800 per share or 2.41% of its total paid-up equity capital.
In a regulatory filing, Infosys said that the buyback is based on an assessment of its medium-term strategic and operational cash needs. The company emphasised that the programme is to ensure efficient return of surplus funds in tune with its capital allocation policy.
The buyback includes a reserved category for small shareholders and a general category for others. Small shareholders, i.e., shareholders having equity of not more than Rs 2,00,000 on the record date of November 14, 2025, will be eligible for a 15% reservation of their entitlement, whichever is higher. On the record date, 25,85,684 shareholders qualified for this criterion.
The ratio for their entitlement has been fixed at 2:11 for the reserved category and 17:706 for the general category. This ratio determines how many shares will be available to investors with eligible stocks to tender based on their holdings on the record date.
This is Infosys's fifth major share repurchase since 2017. Its first buyback was Rs 13,000 crore (11.3 crore shares at Rs 1150 for each share), which was 4.92% of the equity base. Subsequent buybacks were valued at Rs 8,260 crore (2019), Rs 9,200 crore (2022), and Rs 9,300 crore (2023). Promoters such as Nandan M Nilekani and Sudha Murty have chosen not to participate in the current buyback. Together, they own 13.05% of the company's equity as of the date of announcement.
Infosys also said it plans to steadily increase its annual dividend per share and return around 85% of cumulative free cash flow on a five-year basis from FY25. The company intends to use semi-annual dividends, buybacks, or special dividends for this purpose, based on approvals.