(MENAFN) The second largest IT firm in India, Infosys said it will buy shares worth more than USD2bln (130bln rupees) a day after its chief executive had resigned after a dispute with the company's founders.
The board of company approved the repurchase of 113mln shares at 1,150 rupees apiece, returning cash to investors at a substantial premium to Friday's closing price of 923.25 rupees.
The company announced the first buy back ever that offer at least some relief to shareholders of Infosys after the value of their holdings dropped around 10% after Friday's Sikka's exit.
An expert said: "If the overall market sentiment is good, you could see a 4-5 percent recovery looking at this price."
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