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Wipro gets shareholders approval for Rs 11,000-cr buyback proposal

Voting, which ended on August 28, saw 99.68% of votes being cast in favour of the buyback offer

Press Trust of India  |  New Delhi 


India's third-largest software services firm today said its shareholders have approved the company's Rs 11,000-crore buyback proposal.

Last month, the Bengaluru-based firm had said it will purchase up to 343.75 million shares at Rs 320 ($4.95) per scrip. The total size of the offer will be up to Rs 11,000 crore ($1.7 billion).

"The aforesaid special resolution has been passed through postal ballot and e-voting by members by requisite majority," said in a filing to the

The voting, which ended on August 28, saw 99.68 per cent of the votes being cast in favour of the buyback offer.

was trading marginally higher at Rs 291.40 on the

Share buybacks improve earnings per share and return surplus cash to shareholders while also supporting share price during periods of sluggish market conditions.

As on June 30, 2017, Wipro had 'cash and cash equivalents' of Rs 5,432 crore on its books and 'investments' of Rs 31,772 crore, totalling Rs 37,204 crore.

Among Indian IT companies, TCS, which had a cash kitty of over Rs 43,000 crore, has already completed a Rs 16,000 crore buyback programme earlier this year.

Infosys has also announced a buyback offer of up to Rs 13,000 crore ($2 billion) to be paid out to shareholders during the financial year 2018.

First Published: Wed, August 30 2017. 16:21 IST