Wipro fixes May 6 as record date for share buyback

Wipro, the country's third largest IT firm, today said it has fixed May 6 as the record date for buyback of up to four crore shares worth around Rs 2,500 crore.
This represents 1.62 per cent of the total paid-up equity capital aggregating to 4 crore shares at a price of Rs 625 per share.
"...The company has fixed May 6, 2016, as the record date for the purpose of buyback of equity shares," Wipro said in a BSE filing.
The company has made a public announcement about its buyback plans.
The buyback is proposed to be made from all existing shareholders of the company, including persons who became shareholders by cancelling American Depository Receipts and receiving underlying equity shares.

Members of the promoter and promoter group of Wipro have indicated their intention to participate in the proposed buyback.

Asked as to when the company will start adding revenues
arising out of the deal, Agrawal said: "We are expect to start adding earnings by the end of October. There are some approvals to come in."
On job cuts due to the acquisition, he said that in all the previous nine acquisitions, the company had not resorted to that as it believes there is growth potential in every category.
"In all our acquisitions there has been no cut in jobs. We are expanding it, not to cut jobs. We believe there is growth potential in every category," he said.

They had acquired companies and brands only in developing countries and not in developed ones, where the growth was slower, Agrawal said.
"China is one of the fastest growing FMCG market, so we don't expect any cut in jobs. We only expect that there will be building of synergies."
He said no facilities would be shut down as the current owners and manufacturer will continue to make products.
The company, which already has two plants in China, would instead set up a new plant, he said, without specifying where it would be
Agrawal claimed that the company enjoys market leading positions in the Personal Wash and Deodorant Categories in Guangdong and Hainan provinces.

Zhongshan Ma Er has a strong footprint in China and Hong Kong. It's brand portfolio includes leading personal care brands Enear, Zici and Vcnic, comprising bath and shower products and fabric care brands Pahnli and Sunew, he said.
BNP Paribas acted as the exclusive financial adviser to Zhongshan Ma Er, Agrawal said.