Wipro fixes June 16 as record date for buyback worth Rs 12,000 crore

6 Jun 2023 , 09:39 AM

Wipro Limited has fixed June 16 as the record date for the buyback of its shares worth Rs 12,000 crore. This will be the fifth buyback in the history of the IT giant. 

The board has approved the buyback at a price of Rs 445 per share, which is about 10% higher than its current price of Rs 405. 

As per the company, the buyback offer size is 4.91% of the total equity shares. 

The buyback announcement coincided with the earnings report for the fourth quarter of fiscal year 2022-23. It reported a 0.6% decline in revenue in constant currency terms, which was lower than expected. The company anticipates sluggishness in the near future and has reduced its growth forecast by 1-3%.

Following this development, Wipro’s stock fell 1.06% at Rs 399.95, against the previous close of Rs 404.20 on NSE. The counter touched an intraday high and low of Rs 403.35 and Rs 398.65 respectively.

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