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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.

October 14, 2020 / 02:29 PM IST

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.

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.
Moneycontrol News
first published: Oct 13, 2020 04:02 pm
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