Wipro ADS holders need to become direct shareholders to participate in buyback

IT major Wipro on Wednesday said its ADS holders can participate in a Rs 10,500 crore-buyback programme by becoming direct shareholders prior to the record date of June 21. Earlier this week, Wipro had announced June 21 as the record date for its buyback programme.

“In order for a holder of ADS’ (American Depositary Shares) to participate in the buyback, such holder will need to become a direct shareholder of the company prior to the record date,” Wipro said in a BSE filing.

It further stated that “to have the chance to become a direct shareholder of the company prior to the record date”, holders will need to submit their ADS’ for cancellation and withdraw the underlying equity shares before noon of June 17, 2019.