 "Wipro sets share buyback price at Rs 320 a share; earmarks Rs 11,000 crore")
Wipro, India’s third largest IT services firm, has announced its buyback plan at Rs 320 a share.
The company said it would buyback up to 343.75 million fully paid-up equity shares representing 7.06 per cent of the total paid-up equity share capital at a price of Rs 320 ($ 4.971) totalling up to Rs 11000 crore.
“The buyback will be conducted on a proportionate basis through the “tender offer” route,” said the company in a statement.
Wipro is the latest among large technology firms that is offering cash back to shareholders. Infosys is returning around Rs 13,000 crore to buy nearly 5 per cent of stock from shareholders, while India’s largest services firm Tata Consultancy Services saw its buyback oversubscribed.
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