ICICI Direct: Opportunity In Wipro Buyback

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..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..Click on the attachment to read the full report:.DISCLAIMERThis report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the brokerage and do not represent the views of BloombergQuint..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

ICICI Direct: Opportunity In Wipro Buyback

ICICI Direct: Opportunity In Wipro Buyback

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