Buyback, appointment of directors to come up on Infosys AGM

Bengaluru India's second largest IT services company Infosys will take up the buyback proposal for approval from its shareholders tomorrow (June 19) at the 40th annual general meeting (AGM).

Earlier, the board of directors approved a share buyback aggregating up to Rs 9,200 crore in April. The company has set a maximum buyback price of Rs 1,750 per equity share.

Apart from the buyback proposal, Infosys' AGM will also consider reappointment of chief operating officer UB Pravin Rao as director of the company. Rao will retire from his role in December this year. The IT services firm will also seek shareholders' approval for changing the terms of remuneration of Rao. Under the revised terms, the company seeks shareholders' approval to give a one-time special bonus of Rs 4 crore to Rao on his retirement.

"The company seeks to provide one-time special bonus of Rs 4 crore on his retirement in December 2021, after a career spanning 35 years, in view ofhis outstanding contribution to the company especially for his leadership during the pandemic," the company said in its AGM notice.

The Bengaluru-headquartered IT services firm will also take up appointment of Bobby Parikh and Chitra Nayak as independent directors.

On the back of demand uptick, Infosys has guided for a revenue growth in the range of 12-14 per cent in the current financial year. It also eyes an operating margin of 22-24 per cent for FY22.

The company's share price is currently hovering around Rs 1,490 per share at the NSE.