You are here: Home » Companies » News
Business Standard

Wipro's Rs 9,500-crore share buyback offer to open on December 29

IT services major Wipro on Tuesday said its up to Rs 9,500-crore share buyback programme will commence on December 29 and close on January 11, 2021.

Wipro | Share buybacks | IT services

Press Trust of India  |  New Delhi 


major on Tuesday said its up to Rs 9,500-crore share buyback programme will commence on December 29 and close on January 11, 2021.

Last month, shareholders had approved Wipro's buyback plan for purchase of up to 23.75 crore equity shares at Rs 400 per share, aggregating to an amount of up to Rs 9,500 crore.

"...the company received final comments from the Securities and Exchange Board of India on December 21, 2020, with respect to the Draft Letter of Offer filed by the company for the captioned buyback...the company will dispatch the Letter of Offer to eligible shareholders," said in a regulatory filing.

The company has set December 11, 2020 as the record date for determining eligibility for the buyback.

The filing said the buyback will open on December 29, 2020 and close on January 11, 2021.

The last date for settlement of bids on the stock exchange would be on or before January 20, 2021.

Wipro's larger rival Tata Consultancy Services (TCS) has also proposed a mega Rs 16,000-crore buyback plan at Rs 3,000 per equity share. The Mumbai-based company's buyback offer commenced on December 18 and is slated to close on January 1, 2021.

Last year, had undertaken a buyback programme of 32.31 crore shares at Rs 325 apiece, aggregating to about Rs 10,500 crore. Wipro had previously announced a buyback worth Rs 11,000 crore in 2017, and Rs 2,500 crore in 2016.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Tue, December 22 2020. 20:19 IST