National
Infosys promoters to participate in share buyback
Bengaluru, Aug 28 (IANS) Promoters of global software major Infosys would participate in the proposed buyback of its equity shares, said the company on Monday.
“Some of the members of the promoter and promoter group of the company have communicated their intention to participate in the proposed buyback,” said the IT major in a regulatory filing on the BSE.
The company’s Board on August 19 announced that it would buy back 11.3 crore shares of Rs 5 face value at Rs 1,150 per share via tender offer for an amount not exceeding Rs 13,000 crore ($2 billion).
The offer size is 20.51 per cent of the total paid-up capital and free reserves, aggregating up to 11.3-crore shares or 4.92 per cent of the equity shares.
“In terms of buyback regulations under the tender offer route, the promoters have the option to participate in the share buyback,” it said in the filing.
The promoters group, comprising co-founders and their families hold 12.92 per cent of the equity shares. Among them are Founder N.R Narayana Murthy, co-founders Nandan Nilekani, S. Gopalakrishnan, S.D. Shibulal, K. Dinesh, and N.S. Raghavan.
“The buyback is subject to approval of the shareholders by way of a special resolution through postal ballot and its record date will be decided soon,” added the filing.
The public announcement setting out the process, timelines and other details will be released in due course.
The company’s blue chip scrip closed at the end of Monday’s trading on the BSE at Rs 941.15, gaining Rs 28.65 from Thursday’s price of 912.50, but lower than the opening price of Rs 947 and a high of Rs 953.50 and a low of Rs 937.90 during the intra-trading session.
Infosys’ buyback comes a month after Wipro announced on July 20 to buyback 34.3 crore equity shares of Rs 2 each for Rs 11,000 crore ($1.7 billion) at Rs 320 per share.
Indian IT bellwether Tata Consulting Services (TCS) completed buyback of its 5.6 crore equity shares of Re 1 each on May 31 at Rs 2,850 per share, with the attractive offer oversubscribed by 221 per cent or 12.4 crore shares.
The country’s fourth largest software services firm HCL Technologies completed buyback of 3.5-crore equity shares of Rs 2 face value at Rs 1,000 per share on June 23.
–IANS
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National
Foodman Vishal Singh Honored for Hunger Free World Mission in Bangkok
Lucknow: Vishal Singh, a renowned social worker from Lucknow, also known as Foodman, has once again made India proud. He was honored by the Happy Hands Gloves Cooperative Limited Company in Korathai, Thailand, for his work with the Hunger Free World Mission.
The Hunger Free World Mission’s meeting was held in Korathai, Thailand, under Vishal Singh’s leadership. Representatives from several countries, including Mr. Raja Dwivedi (Managing Director of Happy Hands Gloves Limited), Thailand Coordinator Mr. Raja Mishra, and member Mr. Varun Singh, attended the event.
Under Vishal Singh’s leadership, the attendees took a pledge to work together toward creating a hunger-free world.
Speaking on the occasion, Vishal Singh explained that the main goal of the Hunger Free World Mission is social participation. He said the mission is not just about feeding people but also about meeting other basic needs of those who are struggling. The mission focuses on helping families of terminally ill patients in hospitals by providing food and shelter. It also works to fulfill essential needs like education, jobs, and care for the elderly.
For the last 16 years, the Vijay Sri Foundation has been providing free services, benefiting thousands of people. Vishal Singh highlighted that the mission aims to gain global recognition like other organizations such as WHO, WWF, and Red Cross, which work for social causes.
During this meeting, Vishal Singh was appointed as the Chairman of the Hunger Free World Mission by representatives from various countries. They also discussed holding regular meetings in different countries to push the mission forward.
Business tycoon Dr. Abhishek Verma has also supported this humanitarian mission, vowing to promote the idea of “Seva Parmo Dharma” (Service is the highest duty) worldwide. Vishal Singh praised him, stating that people like Dr .Abhishek Verma inspire others to work for the betterment of society.
Recently, Romania’s Ambassador, Mr . Daniela Sezonov Ţane, invited Vishal Singh to the Romanian Embassy in Delhi, where they discussed the mission in detail. Impressed by his humanitarian work, she honored Vishal Singh and invited him to Romania to take the mission forward .
Food man Vishal Singh has been serving the people of India for the past 16 years. Through the Vijay Sri Foundation, he provides free meals to cancer patients & their families ,shelter, and education for women & children along with running free old-age homes in Lucknow.
In addition to his humanitarian work, Vishal Singh also addresses issues like crime and corruption through his role as Chairman of Seva Path Media and Managing Director of Vijay Sri Foundation.
During the COVID-19 pandemic, Vishal Singh and his team worked tirelessly to provide food and help to the needy, including starving children, elderly citizens, and pregnant women. Despite contracting the virus himself, he continued to assist others after his recovery. He even created a life-saving oxygen regulator using household items, which was praised by doctors both in India and abroad.
In his address at the meeting, Vishal Singh spoke about his mission to create a hunger-free world. He pointed out that India’s large population, along with issues like unemployment and poverty, has caused the country to fall on the Hunger Index. He urged people to contribute just one handful of grains daily to help create a hunger-free world.
He concluded by saying that through social participation, we can empower the people around us, meet their basic needs, and work together to build a stronger, more prosperous, and developed society.