Wipro sets opening date for Rs 9,500-crore share buyback offer

Bengaluru: Wipro Ltd. will commence its Rs 9,500 crore share buyback on Dec. 29, days after larger peer Tata Consultancy Services Ltd. launched its own.

The Bengaluru-headquartered software services firm had last month said its shareholders have approved its proposal to buy back up to 23.75 crore equity shares, equivalent to 4.16% stake in the company, at Rs 400 apiece, for up to Rs 9,500 crore.

The company saw 99.78% of the votes being cast favouring the buyback.

Wipro’s buyback offer will close on Jan. 11, 2021, while the last date for settlement of bids on the stock exchange is Jan. 20, 2021, according to an exchange filing.

The company had a cash reserve of $4.6 billion as on Sept. 30, 2020.

Analysts had earlier pointed out that Wipro’s latest buyback offer is smaller than the last two rounds— November 2017 (7.1%) and April 2019 (5.4%).

On Tuesday, Wipro shares rose 2.62% to Rs 364.00 apiece on the Bombay Stock Exchange, even as the benchmark Sensex ended the day 0.99% higher at 46,006.69 points.

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Wipro Wins Metro AG Deal With Revenue Potential Of $1 Billion

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