Company: INFY
Filing Date: 2025-10-21
Form Type: SC TO-C
Source: 0001193125-25-245101
Chunk: 84

Company: Infosys Ltd
Filing Date: 2025-10-21
Form: SC TO-C
Chunk 84
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 foreign controlled foreign corporations passive foreign investment companies, or corporations that accumulate earnings to avoid U.S. federal income tax, persons subject to special tax accounting rules as a result of any item of gross income with respect to our Equity Shares or ADSs being taken into account in an applicable financial statement, persons who hold or receive Equity Shares or ADSs pursuant to the exercise of any option or otherwise as compensation, persons deemed to sell Equity Shares or ADSs under the constructive sale provisions of the Code, and certain U.S. expatriates and certain former citizens or long-term residents of the United States. This summary is based on the Code as in effect on the date of this document and on U.S. Treasury Regulations in effect or, in some cases, proposed, as of the date of this document, as well as judicial and administrative interpretations thereof available on or before such date and is based in part on the assumption that each obligation in the Deposit Agreement and any related agreement will be performed in accordance with its terms. All of the foregoing is subject to change, which change could apply retroactively and could affect the tax consequences described below. EACH PROSPECTIVE PARTICIPANT IN THE BUYBACK WHO IS A U.S. HOLDER SHOULD CONSULT ITS OWN TAX ADVISOR WITH RESPECT TO THE U.S. FEDERAL, STATE AND LOCAL AND NON-U.S.TAX CONSEQUENCES OF PARTICIPATING IN THE BUYBACK. Ownership of ADSs. For U.S. federal income tax purposes, U.S. holders generally will be treated as the owners of Equity Shares represented by such ADSs. Accordingly, the conversion of ADSs into Equity Shares to participate in the Buyback, and the conversion of Equity Shares that are not tendered in the Buyback, or that are tendered, and not accepted in the Buyback, into ADSs generally will not be subject to U.S. federal income tax. 64

DRAFT—SUBJECT TO COMPLETION Tax Treatment of Buyback. An exchange of Equity Shares for cash by a U.S. holder pursuant to the Buyback will be a taxable transaction for U.S. federal income tax purposes. In such case, depending on the applicable U.S. holder’s particular circumstances, such tendering U.S. holder will be treated either as recognizing gain or loss from the disposition of the Equity Shares or as receiving a distribution from the Company. Under Section 302 of the Code, a tendering U.S. holder will recognize gain or loss on the exchange of Equity Shares for cash if the