Infosys (INFY) outlines ₹ 18,000 Crore buyback plan after SEC exemptive relief
Rhea-AI Filing Summary
Infosys Limited has filed a Schedule TO-C describing preliminary communications about a potential share buyback that has not yet started and is not yet an offer to purchase shares. The board previously approved a proposal to buy back up to 10,00,00,000 fully paid equity shares of face value ₹ 5 each, for an aggregate amount of up to ₹ 18,000 Crore, in line with Indian buyback regulations and the Companies Act, 2013. Infosys has received exemptive relief from the U.S. Securities and Exchange Commission dated September 11, 2025 to address conflicts between Indian and U.S. tender offer rules. The buyback remains subject to shareholder approval by special resolution via postal ballot, after which a full tender offer statement on Schedule TO would be filed with detailed terms for security holders to review.
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Insights
Infosys outlines a large, proposed buyback and secures SEC exemptions, but execution depends on shareholder approval.
Infosys describes a potential buyback of up to 10,00,00,000 equity shares with a total amount capped at ₹ 18,000 Crore. This would be carried out under Indian buyback regulations and the Companies Act, indicating a structured capital return framework focused on its Indian-listed equity while also addressing U.S. regulatory requirements for its U.S. security holders.
The company states it has obtained exemptive relief from the U.S. Securities and Exchange Commission by a letter dated September 11, 2025. That relief is meant to reconcile differences between Indian and U.S. tender offer rules, allowing Infosys to run the buyback in compliance with both regimes. The filing repeatedly clarifies that this communication is not yet an offer to purchase and that the buyback has not commenced.
The buyback still requires shareholder approval via a special resolution conducted through postal ballot, and a record date and detailed public announcement will be set later in accordance with Indian regulations. A full tender offer statement on Schedule TO will then provide specific terms and conditions for holders, who are encouraged to review those documents in detail once filed and available on the SEC’s website or from Infosys’ investor relations contacts.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE TO
(Rule 14d-100)
TENDER OFFER STATEMENT UNDER SECTION 14(d)(1) OR 13(e)(1)
OF THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No.__*)
INFOSYS LIMITED
(Name of Subject Company (Issuer) and Filing Person (as Offeror))
Equity Shares, par value Rs. 5 per share
(Title of Class of Securities)
The Equity Shares, which are not traded on U.S. markets, have not been assigned a CUSIP number
(CUSIP Number of Class of Securities)
Inderpreet Sawhney
Chief Legal Officer and Chief Compliance Officer
Infosys Limited
Electronics City, Hosur Road
Bengaluru, Karnataka
India 560 100
+91-80-2852-0261
(Name, address, and telephone number of person authorized to receive notices and communications on behalf of filing persons)
Copies to:
Steven V. Bernard, Esq.
Tamara M. Brightwell, Esq.
Wilson Sonsini Goodrich & Rosati
Professional Corporation
650 Page Mill Road
Palo Alto, CA 94304
Telephone: (650) 493-9300
CALCULATION OF FILING FEE
| Transaction Value | Amount of Filing Fee | |
| Not Applicable* | Not Applicable* |
| * | A filing fee is not required in connection with this filing as it relates solely to preliminary communications made before the commencement of a tender offer per General Instruction D of Schedule TO. |
| ☐ | Check the box if any part of the fee is offset as provided by Rule 0-11(a)(2) and identify the filing with which the offsetting fee was previously paid. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing. |
| Amount Previously Paid: Not applicable. | Filing Party: Not applicable. | |
| Form or Registration No.: Not applicable. | Date Filed: Not applicable. |
| ☒ | Check the box if the filing relates solely to preliminary communications made before the commencement of a tender offer. |
Check the appropriate boxes below to designate any transactions to which the statement relates:
| ☐ | third-party tender offer subject to Rule 14d-1. |
| ☒ | issuer tender offer subject to Rule 13e-4. |
| ☐ | going-private transaction subject to Rule 13e-3. |
| ☐ | amendment to Schedule 13D under Rule 13d-2. |
Check the following box if the filing is a final amendment reporting the results of the tender offer: ☐
If applicable, check the appropriate box(es) below to designate the appropriate rule provision(s) relied upon:
| ☒ | Rule 13e-4(i) (Cross-Border Issuer Tender Offer) |
| ☐ | Rule 14d-1(d) (Cross-Border Third-Party Tender Offer) |
This filing on Schedule TO relates solely to preliminary communications made before the commencement of a potential tender offer for outstanding equity shares (the “Shares”) of Infosys Limited, a company organized under the laws of the Republic of India (the “Company” or “Infosys”) (the “Buyback”).
The Buyback for the outstanding equity shares of the Company referenced herein has not yet been approved by the Company’s shareholders and, accordingly, has not yet commenced. This communication is provided for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell any securities of the Company pursuant to the Company’s Buyback or otherwise. If the Buyback is approved by the Company’s shareholders, any offers to purchase or solicitations of offers to sell will be made pursuant to a Tender Offer Statement on Schedule TO (including the letter of offer and other documents relating to the tender offer) which will be filed with the U.S. Securities and Exchange Commission (“SEC”) by the Company. The Company’s security holders are advised to carefully read these documents, any amendments to these documents and any other documents relating to the Buyback that are filed with the SEC in their entirety prior to making any decision with respect to the Company’s Buyback because these documents contain important information, including the terms and conditions of the offer. The Company’s security holders may obtain copies of these documents (when they become available) and other documents filed with the SEC for free at the SEC’s website at www.sec.gov or from the Company’s Investor Relations department at sharebuyback@infosys.com.
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TO ALL STOCK EXCHANGES
BSE LIMITED
NATIONAL STOCK EXCHANGE OF INDIA LIMITED
NEW YORK STOCK EXCHANGE
September 12, 2025
Dear Sir / Madam,
Sub: Exemptive relief granted by the U.S. Securities and Exchange Commission dated September 11, 2025 for the Buyback
This has reference to our letter dated September 11, 2025, regarding the outcome of the meeting of the Board of Directors of Infosys Limited (“Company”) approving the proposal to buyback up to 10,00,00,000 fully paid-up equity shares of the Company of face value of ₹ 5/- each for an amount aggregating up to ₹ 18,000 Crore (Rupees Eighteen Thousand Crore only) in accordance with the Securities and Exchange Board of India (Buy-Back of Securities) Regulations, 2018, as amended (“Buyback Regulations”), the Companies Act, 2013 and the rules made thereunder (“Buyback”), subject to receipt of exemptive relief from the U.S. Securities and Exchange Commission (“SEC”) on certain aspects of the tender offer procedures, due to conflicting regulatory requirements between Indian and U.S. laws for tender offer buybacks.
We would like to inform you that, by way of a letter from the SEC dated September 11, 2025 (“Letter”), the Company has obtained the requested exemptive relief from the SEC. The Letter will be publicly available on the SEC’s website once posted by the SEC.
The Buyback is subject to approval of the shareholders by way of a special resolution through postal ballot. The record date for the Buyback will be determined in due course. The public announcement setting out the process, timelines and other statutory details will be released in due course in accordance with the Buyback Regulations.
This is for your information and records.
Yours Sincerely,
For Infosys Limited
A.G.S. Manikantha
Company Secretary
Membership No: A21918
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Additional information pursuant to U.S. Law
The Buyback for the outstanding equity shares of the Company referenced herein has not yet been approved by the Company’s shareholders and, accordingly, the Buyback has not yet commenced. The communication is provided for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell any securities of the Company pursuant to Company’s Buyback or otherwise. If the Buyback is approved by the Company’s shareholders, any offers to purchase or solicitations of offers to sell will be made pursuant to a Tender Offer Statement on Schedule TO (including the letter of offer and other documents relating to the tender offer) which will be filed with the U.S. Securities and Exchange Commission (“SEC”) by the Company. The Company’s security holders are advised to carefully read these documents, any amendments to these documents and any other documents relating to the Buyback that are filed with the SEC in their entirety prior to making any decision with respect to the Company’s Buyback because these documents contain important information, including the terms and conditions of the offer. The Company’s security holders may obtain copies of these documents (when they become available) and other documents filed with the SEC for free at the SEC’s website at www.sec.gov or from the Company’s Investor Relations department at sharebuyback@infosys.com.
FAQ
What exemptive relief did Infosys (INFY) receive from the U.S. SEC?
Infosys reports that, by a letter from the U.S. Securities and Exchange Commission dated September 11, 2025, it obtained the requested exemptive relief on certain tender offer procedures to address conflicting requirements between Indian and U.S. laws for tender offer buybacks.
What approvals are still required for the Infosys (INFY) buyback?
The buyback is subject to approval by shareholders through a special resolution via postal ballot. A record date and a detailed public announcement will be determined and released later in line with Indian buyback regulations.
How will Infosys (INFY) communicate the final buyback terms to investors?
If shareholders approve the buyback, Infosys plans to file a Tender Offer Statement on Schedule TO with the U.S. SEC, including a letter of offer and related documents. Security holders will be able to access these for free at www.sec.gov or via Infosys’ Investor Relations at sharebuyback@infosys.com.
Which securities are covered by the proposed Infosys (INFY) buyback?
The proposal relates to fully paid equity shares of Infosys Limited with a face value of ₹ 5 each. The filing notes that these equity shares are not traded on U.S. markets and do not have a CUSIP number.