The company, which did not provide any details on the buyback, said the outcome of the board meeting will be announced after the meeting on August 19.
The share buyback - which will be the first in the company's 36-year history - has been a long standing demand by some of the founders and high-profile former executives, who have been pushing Infosys to return surplus capital to its shareholders.
Infosys said the trading window has been closed with immediate effect and will re-open on August 22, 2017. "But please give us time, because not every company wants to do a share buyback".More news: Young girl killed after auto rams pizzeria near Paris
The buyback is usually at a premium compared with a current market price at that point.
Infosys' consolidated net profit fell 3.3% to Rs 3483 crore on 0.2% decline in revenue to Rs 17078 crore in Q1 June 2017 over Q4 March 2017.
As of June 30, 2017, Infosys is now sitting on liquid assets (cash and investment) of over Rs 39,000 crore and is under pressure to distribute it to shareholders, NDTV reported.
The buyback would suggest an end to the process that has mired in regulatory approvals spanning across countries, causing delay in board meeting, Motilal Oswal analysts said in a note. Tom Reuner, SVP of intelligent automation and IT services at IT consulting firm HfS Research, said a share buyback is prudent if the management thinks the shares are undervalued, thus reducing the number of outstanding shares. TCS, India's biggest outsourcer in May this year completed an Rs 16,000 crore share buyback while Wipro announced an Rs 11,000 crore share buyback last month.