Indian information technology services and consulting company Infosys revealed plans to buyback its shares worth up to 8,260 crore rupees ($1.2 billion) at $11.66 per share.

Infosys intends to buy back 103.25 million equity shares, which accounts for 2.36 percent of its paid-up capital as of December 31, 2018.

The company said that it will use at least 50 percent of the amount earmarked as the maximum buyback size for the buyback, that is, $601.7 million.

The deal is anticipated to improve return on equity through the distribution of cash as well as improve earnings per share by the reduction in the equity base.