Infosys payout plan on track

Infosys has no plans to trim its capital allocation policy because of the 20 per cent tax that the Modi government has imposed on share buybacks by listed companies, extending an anti-abuse provision that till now was limited to only unlisted firms.

The company’s existing share buyback programme is capped at Rs 8,260 crore.

“We have completed over 70 per cent of the buyback at Rs 5,934 crore so far. We plan to finish the balance in quarter two (July-September) notwithstanding, the recent imposition of taxes and buybacks. During quarter one (April-June), we also completed payout of final dividend of Rs 10.50 per share for FY 19,” chief financial officer Nilanjan Roy said in a late evening conference call with US-based analysts on Friday.