The buyback aggregates to 5.35 percent of the total paid-up equity share capital.
The Wipro board on April 16 approved a buyback for up to 32.3 crore shares at Rs 325 per share totalling up to Rs 10,500 crore.
Wipro has approved a proposal to buy back up to 32,30,76,923 equity shares being 5.35 percent of the total paid-up equity share capital, at a price of Rs 325 per share, the company said in a release to the exchange.
Also Read: Wipro reports Q4FY19 results, net income at Rs 2,480 crore
The IT major had last conducted a buyback in November 2017. Its last buyback was for shares worth Rs 11,000 crore at Rs 320 per share.
As per SEBI guidelines, a company can buy back its shares only once in 12 months. A company is not allowed to make any offer of buyback within a period of one year reckoned from the date of expiry of buyback period of the preceding buyback offer if any, as per rules.
In the last few years, IT majors like Tata Consultancy Services (TCS), Cognizant Technology Solutions, HCL Technologies and Mindtree have all announced share buybacks.
The buyback is at a premium of 15.4 percent to its closing price of Rs 281.6 on the NSE on April 16.
