Wipro announces share buyback of Rs 9500 crore

Wipro on Tuesday said it will buy back shares of Rs 9500 crore, the second cash rich IT company after larger rival Tata Consultancy Services announced a share purchase programme last week.

Wipro will buy 4.16 per cent of the total paid up equity shares or 237.5 million shares at Rs 400 per share. The promoters group led by founder chairman Azim Premji hold 74.2 per cent stake in Wipro, the country's fourth largest IT services firm. Wipro said the committed amount does not include taxes and other charges to be paid by the company.

Tata Consultancy Services last week said buy back shares of Rs 16,000 crore from shareholders. TCS will buy 53.3 million shares or 1.14 per cent of total paid up equity capital at Rs 3000 per share, a premium of 9.6 per cent over Rs 2737.4, when it closed trade on Wednesday. Tata Group owns 72.05 per cent in India’s largest IT services firm, according to a filing on the BSE.