The Board, at its meeting on August 19, 2017, approved a proposal for the Company to buyback its fully paid-up equity shares of face value of INR 5 each from the eligible equity shareholders of the Company for an amount not exceeding INR 13,000 crore. The shareholders approved the said proposal of buyback of Equity Shares through the postal ballot that concluded on October 7, 2017. The Buyback offer comprised a purchase of 11,30,43,478 Equity Shares aggregating 4.92% of the paid-up equity share capital of the Company at a price of INR 1,150 per Equity share. The buyback was offered to all eligible equity shareholders (including those who became equity shareholders as on the Record date by cancelling American Depository Shares and withdrawing underlying Equity shares) of the Company as on the Record Date (i.e. November 1, 2017) on a proportionate basis through the "Tender offer" route. The Company concluded the buyback procedures on December 27, 2017 and 11,30,43,478 equity shares were extinguished. The Company has funded the buyback from its securities premium and general reserve. In accordance with section 69 of the Companies Act, 2013, the Company has created 'Capital Redemption Reserve' of $ 9 million equal to the nominal value of the shares bought back as an appropriation from general reserve.
About Infosys Ltd.
Infosys is a global leader in technology services and consulting. We enable clients in 45 countries to create and execute strategies for their digital transformation. From engineering to application development, knowledge management and business process management, we help our clients find the right problems to solve, and to solve these effectively. Our team of 200,000+ innovators, across the globe, is differentiated by the imagination, knowledge and experience, across industries and technologies that we bring to every project we undertake.
Visit http://www.infosys.com to see how Infosys can help your enterprise thrive in the digital age.
Safe Harbor
Certain statements in this release including those concerning our future growth prospects, predictability of the Company's tax obligations in respect of its US operations, the amount and timing of tax payments to be made by the Company, the impact on consolidated Basic EPS, and the Company's overall effective tax rate for future periods, are forward-looking statements intended to qualify for the 'safe harbor' under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding the profit margins for client contracts that are executed in whole or in part by the Company's US operations, as well as changes in US tax laws. Additional risks that could cause actual results to differ materially are more fully described in our United States Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2017. These filings are available at http://www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the Company's filings with the Securities and Exchange Commission and our reports to shareholders. In addition, please note that any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of the date of this press release. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company unless it is required by law.
Infosys Limited and subsidiaries
Unaudited Condensed Consolidated Balance Sheets as of (Dollars in millions except equity share data)
December 31, 2017 March 31, 2017 ASSETS Current assets Cash and cash equivalents 3,226 3,489 Current investments 389 1,538 Trade receivables 2,057 1,900 Unbilled revenue 573 562 Prepayments and other current assets 891 749 Income tax assets 84 - Derivative financial instruments 13 44 Total current assets 7,233 8,282 Non-current assets Property, plant and equipment 1,853 1,807 Goodwill 583 563 Intangible assets 94 120 Investment in associate - 11 Non-current investments 957 984 Deferred income tax assets 184 83 Income tax assets 863 881 Other non-current assets 122 123 Total non-current assets 4,656 4,572 Total assets 11,889 12,854 LIABILITIES AND EQUITY Current liabilities Trade payables 79 57 Derivative financial instruments 1 - Current income tax liabilities 397 599 Client deposits 24 5 Unearned revenue 362 274 Employee benefit obligations 227 209 Provisions 71 63 Other current liabilities 1,040 954 Total current liabilities 2,201 2,161 Non-current liabilities Deferred income tax liabilities 100 32 Employee benefit obligations 8 - Other non-current liabilities 36 24 Total liabilities 2,345 2,217 Equity Share capital- INR 5 ($0.16) par value 2,400,000, 12 Ene. (2,400,000,000) - equity shares authorized, issued and outstanding 2,173,143,893 (2,285,655,150), net of 10,805,896 (11,289,514) treasury shares as of December 31, 2017 (March 31, 2017), respectively 190 199 Share premium 243 587 Retained earnings 11,099 12,190 Cash flow hedge reserve - 6 Other reserves 161 - Capital redemption reserve 9 - Other components of equity (2,158) (2,345) Total equity attributable to equity holders of the company 9,544 10,637 Non-controlling interests - - Total equity 9,544 10,637 Total liabilities and equity 11,889 12,854
Infosys Limited and subsidiaries
Unaudited Condensed Consolidated Statements of Comprehensive Income (Dollars in millions except share and per equity share data)
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