Wipro turns ex-date for share buyback; stock down 5% intra-day

Wipro has fixed September 15, 2017 as the record date for the purpose of determining the entitlement and the names of equity shareholders who are eligible to participate in the buyback.

Wipro dipped 5% to Rs 282 on BSE in intra-day trade after the stock turned ex-date for the proposed buyback.

Wipro on September 1, 2017 informed the stock exchanges that the Company has fixed September 15, 2017 as the record date for the purpose of determining the entitlement and the names of equity shareholders who are eligible to participate in the buyback.

On July 20, 2017, the board of directors of information technology (IT) Company had approved a buyback proposal, for purchase by the company of up to 343.75 million equity shares of Rs 2 each at price of Rs 320 per share from the shareholders of the company on a proportionate basis by way of a tender offer.

Since then, Wipro had outperformed the market by surging 10% as compared to 1% rise in S&P BSE Sensex and 2% decline in the S&P BSE IT index till Wednesday.

At 10:20 AM; the stock was trading 4% lower at Rs 284, against 0.29% rise in Sensex and 0.19% gain in IT index.