Wipro rose 0.51% to Rs 538.70 at 9:31 IST on BSE after the company announced that it would commence buyback of shares on 17 June 2016.
The announcement was made hours yesterday, 6 June 2016.Meanwhile, the S&P BSE Sensex was up 91.26 points or 0.34% at 26,868.71
On BSE, so far 12,500 shares were traded in the counter as against average daily volume of 1.45 lakh shares in the past one quarter. The stock hit a high of Rs 542 and a low of Rs 537.50 so far during the day. The stock had hit a 52-week low of Rs 508.90 on 29 February 2016. The stock had hit a 52-week high of Rs 613 on 1 October 2015.
The large-cap company has equity capital of Rs 494.14 crore. Face value per share is Rs 2.
Wipro announced that it would commence buyback of shares on 17 June 2016. The buyback closes on 30 June 2016. Wipro's board of directors had in April 2016 approved a proposal to buyback up to 4 crore equity shares of the company for an aggregate amount of up to Rs 2500 crore, being 1.62% of the total paid up equity share capital. The buyback will be through the tender offer route at Rs 625 per share. The promoters of the company have indicated their intention to participate in the proposed buyback. The buyback price of Rs 625 per share represents a 16.02% premium over the stock's ruling market price.
Wipro's consolidated net profit rose 0.04% to Rs 2235 crore on 5.37% rise in total income to Rs 14303.40 crore in Q4 March 2016 over Q3 December 2015.
Wipro is one of the leading global information technology, consulting and outsourcing companies.
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