Wipro To Open Rs 9,500 Crore Share Buyback Offer On Dec 29; All You Need To Know

Earlier in 2019 , the IT major had undertaken a buyback programme of 32.31 crore shares at Rs 325 apiece, amounting to about Rs 10,500 crore.

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Wipro buyback offer: Wipro, the leading IT services company in the country has announced its share buyback programme of up to Rs 9,500 crore. The IT firm has received approval from capital market regulator SEBI. The IT company proposes to return around Rs 9,500 crore to its shareholders via buyback. The share buyback process will commence on December 29, 2020 and will close on January 11, 2021. Here is what you should know about the buyback offer On November 17, Wipro's shareholders in October had approved a proposal to buyback up to 23,75,00,000 equity shares of the company at ₹400 per scrip, for an aggregate amount not exceeding ₹9,500 crore. This represents 4.16% of total paid-up equity share capital of the company as on 30th of September. As per Business Today report, the proposal has been approved by shareholders a month after its board approved the plan. The voting, which started on October 18 and ended on November 16, witnessed a 99.78 per cent of the votes in favour of the buyback offer. In fact, promoters of the company supported the proposal fully while 98.73% were approved by public institutional shareholders, and 98.49% by public non-institutional shareholders. In 2019, the IT major had undertaken a buyback programme of 32.31 crore shares at Rs 325 apiece, amounting to about Rs 10,500 crore. In 2016, the company had announced a buyback worth Rs 11,000 crore in 2017, and Rs 2,500 crore. Wipro expects revenue from its IT services business to be in the range of $2,022 million to $2,062 million for the December quarter, a sequential growth of 1.5% to 3.5%, as per the company. The IT firm’s competitor Tata Consultancy Services (TCS) has also proposed a Rs 16,000 crore buyback plan at Rs 3,000 per equity share. The share buyback programme will begin on December 18 and close on January 1, 2021.