Wipro share buyback starts on August 14

BENGALURU: Wipro on Tuesday said its Rs 10,497 crore share buyback will commence on August 14 and close on August 28. This follows Sebi’s nod. The company had announced a buyback proposal for purchase of up to 323 million equity shares of Rs 2 each from the shareholders on a proportionate basis at a price of Rs 325 per equity share.
After receipt of shareholders’ approval, the company had filed the draft letter of offer for the buyback with Sebi. Wipro received final comments from the Sebi on Tuesday.
This is Wipro’s third buyback. It did a buyback of Rs 2,500 crore worth of shares in 2016 and Rs 11,000 crore worth of shares in 2017. A buyback can be done only once in 12 months, and Wipro last did it in November-December 2017.