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ICICI Direct Report
Wipro Ltd. has announced the buyback of shares worth Rs 9,500 crore on October 12, 2020, which is expected to be completed by December, 2020.
In this regard, we advise our clients to tender shares in the buyback, especially those clients who hold up to 500 shares (retail category).
The acceptance ratio in this category is likely to be greater than 50%.
Currently, as per Securities and Exchange Board of India guidelines, 15% of buyback (Rs 1,425 crore in Wipro case) is to be reserved for retail category (up to Rs 2 lakh).
This implies 3.56 crore shares can be tendered by retail investors based on buyback price of Rs 400/share. As per Wipro’s annual report (FY20) there are 8.23 crore shares in more than 5 lakh accounts where number of shares held are in the range of 1-5,000 shares.
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