IT major Infosys Ltd on Monday said its board would decide on a proposal for share buyback in its meeting to be held on Thursday.

The board will consider a proposal for the buyback of fully paid-up equity shares of the company at its meeting to be held on October 13 in accordance with the Sebi (Buy-Back of Securities) Regulations, 2018, Infosys said in a regulatory filing.

The board will finalise the company’s second-quarter results on the same day.

Under a share buyback or repurchase, a company buys back its own shares from investors. It is seen as an alternative, tax-efficient way to return money to shareholders.

Shares of Infosys closed at Rs 1,465 per unit, up 0.95 per cent, on the BSE.

Last year, the Infosys board approved an up to Rs 9,200 crore buyback plan, which commenced on June 25, 2021.