New Delhi, Sept. 12 -- Infosys share price gained over 2% in early trade on Friday after the IT major announced a massive Rs.18,000 crore share buyback. Infosys shares rallied as much as 2.32% to Rs.1,544.65 apiece on the BSE.

The Board of Directors of Infosys, at their meeting held on September 11, considered and approved a proposal to buyback equity shares for an amount of Rs.18,000 crore, payable in cash.

Infosys share buyback will comprise of a purchase of 10 crore fully paid-up equity shares, representing up to 2.41% of the total paid-up equity share capital of the company, at an amount of Rs.1,800 per equity share.

Infosys buyback amount is at a premium of about 19% to its Thursday's closing price of Rs.1,509.50 apiece on the BSE...