Wipro announces Rs 12,000 crore share buyback

28 Apr 2023 , 06:21 AM

IT giant Wipro, based in Bengaluru, yesterday launched a tender-based share buyback exercise worth Rs 12,000 crore at a cost of Rs 445 per share.

The company’s directors approved the buyback of up to 269,662,921 equity shares, or 4.91% of the total number of equity shares, from the company’s shareholders on a proportionate basis during a board meeting.

The tender-based share buyback would cost Rs 445, which represents a premium of 19% over yesterday’s closing price of Rs 374.35.

As of the record date, ‘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) on a proportionate basis under the tender offer route,’ Wipro stated in an exchange filing.

The promoters of Wipro have declared their intention to take part in the proposed repurchase, which must receive shareholder approval via a special resolution put to a vote by mail.

The business claimed that in addition to the letter of offer, it will later disclose the procedure, record date, deadlines, and other specifics.

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