“The board has approved a proposal for buying back equity shares for an amount aggregating up to Rs 8,260 crore, which is less than 15 per cent of the total paid-up share capital and free reserves of the company,” Infosys said.

The firm also announced a special dividend of Rs 4 per share to shareholders that would result in a payout of around Rs 2,107 crore.

According to the capital allocation policy approved by its shareholders in April last year, Infosys plans to give back around Rs 10,400 crore to shareholders by the end of March. Under the current framework, it also hopes to return up to 70 per cent of its free cash flow to the shareholders.

For the first time in its history, Infosys had conducted a share repurchase of Rs 13,000 crore in 2018 at Rs 1,150 per share.

Last year, Infosys’ peers, TCS and HCL Technologies had also undertaken share repurchase exercises for a second consecutive year.

Fresh after posting a double-digit revenue growth in the third quarter of FY19, Infosys has increased the compensation of its top executives, including its Chief Executive Officer and Managing Director Salil Parekh.

The company said Parekh had been granted restricted stock units (RSUs) worth Rs 3.25 crore, grant date of which starts on February 1.

The exercise price of these RSUs would be equal to the par value of the shares. Infosys’ Chief Operating Officer and whole-time Director UB Pravin Rao has also been granted 68,250 RSUs.

The firm also revised the compensation of some of its key management. In addition to this, these executives have been allotted stock units totalling 372,100.

Meanwhile, the IT major has dropped plans to sell Panaya and two other subsidiaries Skava and Kallidus after it failed to find any potential buyers.

Infosys on Friday also said its board had reappointed Kiran Mazumdar-Shaw as the lead independent director for a second term.