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Last Updated : Oct 14, 2020 02:29 PM IST | Source: Moneycontrol.com

Wipro board approves Rs 9,500-crore share buyback

Wipro has approved the plan to buy up to 23.75 crore shares from existing investors. The promoter group will also participate in the buyback.

The Wipro board of directors on October 13 approved a share buyback plan that would cost the company up to Rs 9,500 crore. The company will buy each share at a price of Rs 400.

The board approved the plan to buy up to 23.75 crore shares from existing investors, Wipro said in a regulatory filing. The buyback offers a 6.7 percent premium to shareholders as of the closing price of Rs 375.20 on October 13.

The buyback size is 4.16 percent of the total paid-up equity share capital of the company. The promoter group will also participate in the buyback.

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The Wipro board also approved the company's results for the July-September quarter on October 13. It reported a profit of Rs 2,465.7 crore in Q2, a quarter-on-quarter increase.
First Published on Oct 13, 2020 04:02 pm
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