Wipro Q4 profit dips to Rs 3,074 cr, okays Rs 12,000-cr share buyback

IT major Wipro on Thursday reported a marginal year-on-year decline of 0.4% in net profit to Rs 3,074.5 crore for the fourth quarter ended March 2023 and announced a share buyback of up to Rs 12,000 crore. The Wipro Board approved the buyback of 26.96 crore equity shares at a price of Rs 445 apiece.

“Board…of Wipro…has approved a proposal to buy back up to 26,96,62,921 equity shares, being 4.91% of the total paid-up equity shares of the company, for an aggregate amount not exceeding Rs 120,00,00,00,000 at a price of Rs 445… per equity share,” the company said in a regulatory filing.

Members of the promoter and promoter group of the company have indicated their intention to participate in the proposed buyback, it added.