Wipro’s largest buyback worth $1.7 billion gets approval of Sebi

BENGALURU: Wipro is set to announce its largest share buyback ever, worth $1.7 billion (Rs 12,000 crore), with market regulator Sebi clearing the decks for it.
This would be 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.
This time, the shares are expected to be bought back at Rs 320 a piece, a 17% premium to the prevailing share price of Rs 273 on the Bombay Stock Exchange (BSE). The price is 33% higher than the 6-month average share price of Rs 240.
A buyback can be done only once in 12 months, and Wipro last did it in November-December 2017.