Wipro honours buyback commitment to retail investors

Bengaluru: Retail investors who had offered their shares in Wipro’s buyback programme have started receiving funds in their bank accounts, ahead of the July 7 deadline that the company had set for such payments.

Wipro’s latest buyback has witnessed a 77% acceptance among retail investors. The Wipro board in April approved a share buyback of Rs 12,000 crore at a buyback price of Rs 445 a piece to buy up to 269.9 million shares, which would be 4.9% of outstanding equity. Unaccepted shares, it said, will be returned to shareholders by July 7.

The retail shareholders are those who hold shares worth Rs 2 lakh of company’s equity. An email sent to Wipro on the details of the buyback did not elicit a response.