U.S. Markets open in 7 hrs 22 mins

Infosys to consider share buyback proposal

The logo of Infosys is pictured inside the company's headquarters in Bengaluru, India, April 13, 2017. REUTERS/Abhishek N. Chinnappa

(Reuters) - India's Infosys Ltd (INFY.NS) (INFY.N) said on Wednesday its board will consider a proposal, to buy back equity shares, at its meeting later this month.

The country's No. 2 software services exporter said in April, it would return up to 130 billion rupees ($2.03 billion) to shareholders in the fiscal year ending March 2018, adding the manner of the payout will be decided by later by the board.

The company, which did not provide any details on the buyback, said the outcome of the board meeting will be announced after the meeting on Aug. 19. (http://bit.ly/2fLYbs6)

(Reporting by Subrat Patnaik in Bengaluru; Editing by Shounak Dasgupta)