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With this, Wipro joins the growing roaster of Indian IT firms that have announced buyback offers to return surplus cash on their books to their shareholders.
Share buybacks typically improve earnings per share and return surplus cash to shareholders while also supporting share price during periods of sluggish market conditions.
The company's board is meeting July 19 and 20, 2017 to also consider Wipro's first quarter results. The company did not disclose the size of the buyback.
As on March 2017, Wipro had cash and cash equivalents totalling Rs 5,271 crore ($813 million) on its books.
Among Indian IT companies, TCS, which had a cash pile of over Rs 43,000 crore, has already completed a Rs 16,000 crore buyback programme earlier this year.