Indian IT services provider Wipro's board has approved a share buyback worth Rs 9,500 crore as a part of its September quarter results on Tuesday.
The Bengaluru-based company has planned to buy 237.5 million equity shares or 4.16 per cent of the total paid-up capital. The buyback is proposed to be made from the existing shareholders on a proportionate basis under the tender-offer route, according to an exchange filing. The repurchase price has been fixed as Rs 400 per share and it is at a 6.25 per cent premium to Tuesday's close.
The record date of the said buyback was not fixed. "Members of the promoter and promoter group of the company have indicated their intention to participate in the proposed buyback," the company added.
Last week, Tata Consultancy Services' board had approved a share buyback, the third one of the Mumbai-headquartered company in the past four years. The buyback, worth Rs 16,000 crore, is 1.42 per cent of its paid-up capital. Wipro, too, had completed a buyback of Rs 11,500 crore in August last year that amounted to repurchasing of 5.35 per cent of then paid-up capital.
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