Shares of IT services provider Infosys Ltd . gained as much as 5% on Thursday, October 23, after it shared an update on its largest ever share buyback.

In an update to the exchanges on October 22, Infosys said that the promoters of the company, which include Nandan Nilekani, Sudha Murty and others, will not be participating in the ₹18,000 crore share buyback that it had announced in October.

Promoters not tendering shares in the buyback generally signals confidence in the company's prospects, and also the retail entitlement ratio could improve when the buyback process opens.

The entitlement ratio, record date, and other dates of the share buyback are yet to be announced by the company.

Infosys has announced its largest ever share buyback, where it will be repurchasing 10 crore shares

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