Wipro Announces Rs 12,000 Crore Share Buyback Opening on June 22

20 Jun 2023 , 10:27 AM

Wipro’s shares saw a slight increase in the opening trade on June 20 as the company announced the opening and closing dates for its Rs 12,000-crore share buyback. At 9.25 am on BSE, Wipro’s shares were trading 0.28 % higher at Rs 381.10.

As per official data, the company’s board had previously approved a proposal for a tender offer to buy up to 26,96,62,921 equity shares, which is 4.91 %t of the total number of equity shares, at a price of Rs 445 per equity share.

The total cash consideration for the buyback is Rs 12,000 crore. Wipro has set June 16 as the record date for the buyback, and it will be open for shareholders to participate from June 22 to June 29.

The buyback price is set at a 17 %  premium to the current market price. This buyback marks Wipro’s fifth in its history.

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