Wipro’s Rs9,500cr buyback plan is a key thing to watch out next week

Wipro Limited

IT-giant Wipro on Thursday released the letter of offer and tender form related to its Rs9,500cr buyback programme which will open next week. On Sensex, Wipro ended at Rs382.20 per piece down 0.83%.

Wipro’s buyback is set to open on December 29 and will be available till January 11, 2021. The last date for settlement of bids is January 20, 2021.

In its letter of offer, Wipro said,  members of the Promoter and Promoter Group have expressed their intention vide their letters dated October 13, 2020, to participate in the Buyback and may tender up to an aggregate maximum number of 4,14,54,12,501 Equity Shares or such lower number of shares in accordance with the provisions of the Buyback Regulations/terms of the Buyback.

At present, the Promoter and Promoter Group hold 4,22,99,45,033 equity shares or 74.01% of the Equity Shares in the total outstanding equity share capital of Wipro.

Of the total shareholding, Azim H Premji is the largest shareholder with 23,68,15,234 equity shares or 4.14% in Wipro.

Wipro’s buyback involves 23.75cr equity shares representing up to 4.16% of the total issued and paid-up Equity Share capital of the Company. A floor price of Rs400 per equity share is set which is currently at a premium compared to the market price. 

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