Infosys on Saturday announced that its board of directors had approved a share buyback offer of up to Rs 13,000 crore, reported PTI. The buyback price per share will be Rs 1,150, which is much higher than Friday’s closing market price of Rs 923.10 per share. The announcement comes a day after Vishal Sikka quit as the CEO and managing director of the company.

Through the buyback, the software giant will repurchase the shares it sold to investors, at a price higher than the market price. The company will also set up a seven-member panel comprising key board members including co-chairman Ravi Venkatesan, Executive Vice-chairman Vishal Sikka, interim Chief Executive Officer and Managing Director UB Pravin Rao and others to oversee the buyback.

The offer will comprise up to 11.3 crore equity shares, making up 4.92% of the company’s paid up equity share capital. Paid up capital is the amount a company has received from its shareholders in exchange for shares.