Wipro on Thursday announced a share buyback plan worth Rs 12,000 crore. The IT services company said that it intends to buy back about 4.91 per cent of its share.
The buyback price per share has been set at Rs 445 crore. The price per share is at a premium of 18.8 per cent. The current price per share of the company was at Rs 374.35.
“…the Board of Directors of Wipro Limited (the “Company”) at its meeting held on April 27, 2023 has approved a proposal to buyback up to 26,96,62,921 equity shares, being 4.91% of the total paid-up equity shares of the Company, for an aggregate amount not exceeding Rs, 120,00,00,00,000, at a price of Rs. 445/- (Rupees Four Hundred and Forty Five only) per equity share,” said Wipro in a regulatory filing.
The buyback is proposed to be made from the existing shareholders of the company (including persons who become shareholders by cancelling American Depository Receipts and receiving underlying equity shares) as on the record date on a proportionate basis under the tender offer route in accordance with the provisions contained in the Securities and Exchange Board of India (Buy-Back of Securities) Regulations, 2018 (“Buyback Regulations”) and the Companies Act, 2013 and rules made there under.
Wipro initiated a buy-back programme in 2020 worth Rs 9,500 crore. In January 2021, the company announced that it has completed the buyback and in a regulatory filing said, “23,75,00,000 (Twenty Three Crores Seventy Five Lakhs) Equity Shares were bought back under the Buyback, at a price of Rs 400/- (Rupees Four Hundred only) per equity share....The total amount utilized in the buyback is Rs 9,500 crore."
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