NEW DELHI: IT products and services significant Wipro on Tuesday mentioned its up to Rs 9,500-crore share buyback programme will commence on December 29 and near on January 11, 2021.
Last thirty day period, shareholders had approved Wipro’s buyback program for buy of up to 23.75 crore equity shares at Rs 400 per share, aggregating to an total of up to Rs 9,500 crore.
“…the corporation obtained final opinions from the Securities and Exchange Board of India on December 21, 2020, with respect to the Draft Letter of Offer submitted by the enterprise for the captioned buyback…the enterprise will dispatch the Letter of Offer you to eligible shareholders,” Wipro explained in a regulatory filing.
The corporation has set December 11, 2020 as the record date for determining eligibility for the buyback.
The filing stated the buyback will open on December 29, 2020 and near on January 11, 2021.
The previous date for settlement of bids on the inventory trade would be on or in advance of January 20, 2021.
Wipro’s much larger rival Tata Consultancy Providers (TCS) has also proposed a mega Rs 16,000-crore buyback approach at Rs 3,000 per fairness share. The Mumbai-based mostly firm’s buyback give commenced on December 18 and is slated to shut on January 1, 2021.
Last 12 months, Wipro had undertaken a buyback programme of 32.31 crore shares at Rs 325 apiece, aggregating to about Rs 10,500 crore. Wipro experienced beforehand introduced a buyback worthy of Rs 11,000 crore in 2017, and Rs 2,500 crore in 2016.