Wipro Sets Dec. 11 As Record Date For Share Buyback
Wipro will buyback 23.75 crore shares at Rs 400 apiece.
Wipro Ltd. on Wednesday said it has fixed Dec. 11 as the record date for its up to Rs 9,500 crore share buyback programme.
"...the company has fixed Friday, Dec. 11, 2020, as the Record Date for the purpose of determining the entitlement and the names of equity shareholders who are eligible to participate in the buyback," Wipro said in a regulatory filing.
Its Board of Directors and shareholders have already approved its proposal to buyback up to 23,75,00,000 equity shares of the company at Rs 400 per share, it added.
In a filing on Tuesday, Wipro said the voting from shareholders, which started on Oct. 18 and ended on Nov. 16, saw 99.78% of the votes being cast in favour of the buyback offer.
Wipro's larger rival Tata Consultancy Services Ltd. has also proposed a Rs 16,000-crore buyback plan at Rs 3,000 per equity share.
Last year, Wipro had undertaken a buyback programme of 32.31 crore shares at Rs 325 apiece, aggregating to about Rs 10,500 crore.
Wipro had previously announced a buyback worth Rs 11,000 crore in 2017, and Rs 2,500 crore in the year 2016.