The promoters of IT major Infosys will not be participating in the buyback exercise announced last month, the company has said. In a letter to American markets regulator Securities and Exchange Commission (SEC), a copy of which was filed with the Indian exchanges on Wednesday, the company has detailed the buyback process, though the record date for the exercise is yet to be announced.

The buyback regulations under the tender offer route, which applies to this round, allow the promoter and the promoter group the option to participate in the exercise. Promoters of the company include Sudha Gopalakrishnan (2.3%), co-founder Nandan Nilekani (0.98%), and Sudha Murty (0.83%).

Nilekani, his wife and daughter also hold promoter shares in the company. Sudha Murty is the wife of co-founder Naraya

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