Wipro's Rs 9,500 cr share buyback to start on Tuesday

Wipro's Rs 9,500 crore share buyback programme will start on Tuesday till January 11. The buyback comprises 4.2 per cent of Wipro's total paid-up equity capital.

Wipro received approval from capital market regulator SEBI to launch a share buyback programme on December 22. The IT major plans to buy back up to 23.75 crore shares at a face value of Rs 2 each at a price of Rs 400 per share.

The Bangalore-based company has said it will now send a letter of offer to eligible shareholders about the buyback on or before December 26. Wipro has set the date for determining the entitlement and the names of equity eligible shareholders as on December 11.

The Wipro shareholders had approved the share buyback proposal on November 17, a month after its board approved the plan. Over 99.78 per cent votes were cast in favour of the buyback offer.

Also read: Wipro share buyback plan; here's all you need to know

There was 100 per cent voting in favour of the proposal by the promoters, 98.73 per cent by public institutional shareholders, and 98.49 per cent by public non-institutional shareholders.

In 2019, Wipro had undertaken a buyback programme of 32.31 crore shares at Rs 325 apiece, amounting to about Rs 10,500 crore.

Meanwhile, the shares of Wipro closed 0.97 per cent or Rs 3.75 down at Rs 381.80 on Friday against the previous closing price of Rs 385.55 on the NSE.

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