Company: INFY
Filing Date: 2025-10-21
Form Type: SC TO-C
Source: 0001193125-25-245101
Chunk: 28

Company: Infosys Ltd
Filing Date: 2025-10-21
Form: SC TO-C
Chunk 28
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 funds from banks and financial institutions, if any, will not be used for the Buyback. |

| 11. | MANAGEMENT DISCUSSION AND ANALYSIS OF THE LIKELY IMPACT OF THE BUYBACK ON THE COMPANY |

| 11.1 | The Company believes that the Buyback is not likely to cause any material impact on the profitability or                                                                                                                                              
 earnings of the Company except to the extent of reduction in the amount available for investment, which the Company could have otherwise deployed towards generating investment income until eventual distribution to shareholders as per the Capital 
 Allocation Policy. Assuming full response to the Buyback, the funds deployed by the Company towards the Buyback would be up to ₹ 18,000 Crore (Rupees Eighteen                                                                                        
 Thousand Crore only), excluding Transaction Costs. This shall impact the investment income earned by the Company, on account of the reduced amount of funds available for investments.                                                                |

| 11.3 | The Buyback is not expected to result in a change in control or otherwise affect the existing management 
 structure of the Company.                                                                                |

| 11.4 | Consequent to the Buyback and based on the number of Equity Shares bought back from the Non-Resident Shareholders, Indian financial institutions, banks, mutual funds and the public including other bodies corporate, the shareholding of each such person shall undergo a change. The FIIs/FPIs are advised 
 to ensure that their investment in the Company continues to be within the limit prescribed under applicable laws, post completion of the Buyback.                                                                                                                                                             |

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DRAFT—SUBJECT TO COMPLETION

| 11.5 | The Company believes that the Buyback will not impact the growth opportunities of the Company. |

| 11.6 | The Buyback is expected to improve return on equity through distribution of cash and improve earnings per share 
 by reduction in the equity base in the long term, thereby leading to long term increase in members’ value.      |

| 11.8 | The Company shall not raise further capital for a period of 1 (one) year from the expiry of the Buyback Period 
 except in discharge of its subsisting obligations.                                                             |

| 11.9 | Subject to applicable law, the Company shall not issue any Equity Shares or other specified securities                                                                                                                                               
 including by way of bonus issue till the expiry of the Buyback Period, except in discharge of subsisting obligations through conversion of warrants, stock option schemes, sweat equity or conversion of preference shares or debentures