Wipro gains over 4% on share buyback plans

IT major Wipro's shares rose by over 4 per cent today after the company said its board would consider a proposal for buyback of equity shares later this month.

After a positive opening, the stock further gained 4.17 per cent to Rs 591.95 on BSE.

On NSE, it jumped 3.92 per cent to Rs 591.90.

The Board of Directors will consider a proposal for buyback of equity shares of the company on April 20, 2016, Wipro said in a BSE filing yesterday.

On the same day, the company would announce its fourth quarter earnings.

Promoters hold 73.35 per cent stake in the company as of December 31, 2015, as per the shareholding pattern on BSE.
 

Buyback of shares means repurchase of outstanding shares.