Infosys shareholders to get Rs 13k crore

Signalling a deviation from the historical policy of maintaining huge cash reserves, Infosys, India's second largest IT services company, on Friday decided to distribute up to Rs 13,000 crore ($2 billion) to its shareholders.

"The Board has decided to retain the current policy of returning up to 70% of the free cash flow of the corresponding financial year," the company said in a statement.

Of the Rs 13,000 crore, the company has announced a special dividend of Rs 10 per share ($0.15 per ADR) resulting in a payout of approximately Rs 2,600 crore (approximately $400 million) in June 2018.

It has also identified an amount of up to approximately Rs 10,400 crore, to be paid out to shareholders for the financial year 2019.

The company reported a net profit of Rs 3,690 crore for the fourth quarter ended March 31, 2018, a rise of 2.4% year-on-year.

It also announced sale of its subsidiaries - Panaya and Skava (along with Kallidus).