Wipro board approves Rs 9,500 crore buyback at Rs 400 per share

Plans to buy 237.5 mn shares or 4.16% of paid-up capital, on a proportionate basis from existing shareholders under the tender-offer route

Indian IT services provider Wipro's board has approved a share buyback worth Rs 9,500 crore as a part of its September quarter results on Tuesday.

The Bengaluru-based company has planned to buy 237.5 million equity shares or 4.16 per cent of the total paid-up capital. The buyback is proposed to be made from the existing shareholders on a proportionate basis under the tender-offer route, according to an exchange filing. The repurchase price has been fixed as Rs 400 per share and it is at a 6.25 per cent premium to Tuesday's close.

The record date of the said buyback was not fixed.