Wipro's Share Buyback Sees Strong 77.40% Acceptance Ratio Among Retail Investors

4 Jul 2023 , 01:08 PM

Wipro’s recently concluded Rs 12,000-crore share buyback program recorded a high acceptance ratio of 77.40% among retail investors.

This acceptance ratio aligns with the trend observed in the company’s past four repurchase offers, which ranged from 50% to 100%. Retail shareholders were defined as those holding Wipro shares worth less than Rs 2 lakh in terms of market value as of the record date. 

The buyback program had a record date on June 16 and concluded on June 30, offering investors an opportunity to earn double-digit returns of 16.7% from the closing price of Rs 381.30 on the record date.

The returns from the buyback exceeded the negative returns of over 7% that investors experienced in the past year. The buyback resulted in the elimination of 4.91% of Wipro’s shares.

Wipro’s subdued quarterly performance and disappointing growth guidance have impacted its stock performance, making it a laggard in the IT sector.

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