Infosys approves share buyback worth $2 billion

(Reuters) - India's No. 2 IT services provider approved a share buyback worth 180 billion rupees ($2.04 billion), its largest ever, the company said on Thursday.

It has set a buyback price of 1,800 rupees per share, and said the repurchase would be conducted via the tender offer route.

"Indian IT companies are largely service-driven and investor friendly and that's why they are still looking at buybacks. They should look at M&A and also build products aimed at AI and cloud like the big tech companies of the U.S.," says Gaurav Vasu, founder of market research firm UnearthInsight.

U.S.-listed shares of Infosys were up 0.03% at $16.99 after the announcement. Its shares in Mumbai, India closed 1.5% lower at 1,509.7 rupees on Thursday.