Wipro’s Rs 9,500-Crore Buyback Offer To Open On Dec. 29
Employees walk in the forecourt of a Wipro building at the Wipro Ltd. campus located in the Sarjapura area of Bangalore, India. (Photographer: Vivek Prakash/Bloomberg)

Wipro’s Rs 9,500-Crore Buyback Offer To Open On Dec. 29

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Wipro Ltd. on Tuesday said its share buyback programme of up to Rs 9,500 crore will start on Dec. 29 and close on Jan. 11, 2021.

Last month, shareholders had approved Wipro’s buyback plan for the purchase of up to 23.75 crore equity shares at Rs 400 per share, aggregating to an amount of up to Rs 9,500 crore.

"...the company received final comments from the Securities and Exchange Board of India on Dec. 21, 2020, with respect to the Draft Letter of Offer filed by the company for the captioned buyback...the company will dispatch the Letter of Offer to eligible shareholders," Wipro said in a regulatory filing.

Also read: Wipro Simplify Operations, Adopt New Business Model From 2021

The company has set Dec. 11, 2020 as the record date for determining eligibility for the buyback.

The last date for settlement of bids on the stock exchange would be on or before Jan. 20, 2021.

Wipro's larger rival Tata Consultancy Services Ltd. has also proposed a mega Rs 16,000-crore buyback plan at Rs 3,000 per equity share. The Mumbai-based company's buyback offer commenced on Dec. 18 and is slated to close on Jan. 1, 2021.

Also read: Wipro Inks $700 Million Takeover Deal With Germany’s Metro AG

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 2016.

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