Wipro board approves buyback of Rs9,500cr at a premium of Rs400 per equity share

Wipro board approves buyback of Rs9,500cr at a premium of Rs400 per equity share

The company will announce the process, record date, timelines and other requisite details of the buyback soon.

IT-major Wipro has received board members approval on Tuesday to carry buyback programme aggregating over Rs9,500cr. The company announced its financial performance for the quarter ending September 2020 (Q2FY21) period.

Wipro’s will buyback up to 23.75cr equity shares comprising of 4.16% of the total paid-up equity share capital.

The company will carry the buyback programme at a price of Rs400 per equity share. This is at a premium compared to Tuesday’s closing price of Rs375.75 per piece on Sensex.

Wipro said, “Members of the promoter and promoter group of the Company have indicated their intention to participate in the proposed Buyback.”

The company will announce the process, record date, timelines and other requisite details of the buyback soon.

During Q2FY21, Wipro registered a consolidated net profit of Rs2,465.7cr declining by 3.4% from the profit of Rs2,552.7cr in the corresponding period of the previous year. Consolidated revenue stood at Rs15,114.5cr in the quarter under review, flat compared to revenue of Rs15,125.6cr a year ago same period.