INFOSYS LIMITED

Established in 1981, Infosys is a NYSE listed global consulting and IT services company with more than 217,700 employees. From a capital of US$250, they have grown to become a US$11.31 billion (LTM Q2 FY19 revenues) company with a market capitalisation of approximately US$ 44.4 billion. In the journey of over 35 years, they have catalysed some of the major changes that have led to India's emergence as the global destination for software services talent. They pioneered the Global Delivery Model and became the first IT company from India to be listed on NASDAQ. The employee stock options program created some of India's first salaried millionaires. Infosys is a global leader in next-generation digital services and consulting. They enable clients in 50 countries to navigate their digital transformation. They do it by enabling the enterprise with an AI-powered core that helps prioritise the execution of change. They also empower the business with agile digital at scale to deliver unprecedented levels of performance and customer delight. The financials of the company is good all these years, RoCE is 25.23% and at CMP its looks fully priced. As this is Open Offer buyback, so there is no arbitrage benefit to investors.  So we give AVOID rating to this buyback.

• 1 Mr. Rajesh Pirogiwal
• 2 Mrs. Sunita Pirogiwal
• 3 Miss Tanvi Pirogiwal