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Wipro announces Rs 2,500 cr share buyback

The shares are being bought at Rs 625 per share

BS Reporter  |  Bengaluru 

Abidali Neemuchwala, Wipro's chief executive
Abidali Neemuchwala, Wipro's chief executive

Wipro announced a share buyback of 40 million shares or 1.62 per cent of the shares, amounting to Rs 2,500 crore at Rs 625 a share.

Wipro Chairman Azim Premji and his family, who are the promoters of Wipro, have indicated that they would participate in the share buyback that is expected to be done on May 6, Wipro said.

“The buyback is proposed to be made from all existing shareholders of the company, including persons who become shareholders by cancelling American depository receipts,” it said.

Premji and his sons, Rishad and Tariq, hold 73.34 per cent in the company. Indian financial institutions and mutual funds hold 4.57 per cent, while 14.04 per cent of the shares are held by foreign investors and non-resident Indians. Wipro said 8.05 per cent of shares were held by the Indian public and corporates.

Wipro’s shares on the BSE closed 2.07 per cent up at Rs 601.35 on Wednesday.

First Published: Thu, April 21 2016. 00:48 IST