Wipro's Rs 9,500 cr buyback opens today. Should you tender your shares?

Thus far in calendar year 2020 (CY20), Wipro has gained 54.2 per cent as compared to 13.72 per cent gain in the benchmark S&P BSE Sensex

IT services major Wipro's share buyback programme will commence on December 29 and close on January 11, 2021. In November, shareholders had approved the 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 has set December 11, 2020 as the record date for determining eligibility for the buyback.

So, should you tender your shares in the repurchase programme?

Siddharth Khemka, head of retail research at Motilal Oswal Financial Services, said that since the IT stocks, including Wipro, have done well over