Wipro Share Buyback Opens on June 22, Closes on June 29
Wipro, a leading IT company, is set to commence its share buyback program worth ₹12,000 crores on June 22, with the offer concluding on June 29.
After a gap of over two years, Wipro’s board of directors announced the initiation of their first share buyback on April 27. The buyback floor price has been fixed at ₹445 per equity share. To determine the eligibility of equity shareholders and their entitlement, the record date was set as June 16, 2023.
Under this ambitious plan, Wipro intends to repurchase a total of 269,662,921 shares with a face value of ₹2 each, constituting approximately 4.91% of all equity shares. Shareholders can participate in the buyback through the tender route.
The company’s promoters and promoter group have expressed their interest in participating in the buyback offer. As of March 31, 2023, they held a significant stake of over 72.92% in Wipro.
ICICI Securities, a reputed brokerage house, expects the acceptance ratio to surpass 60%, considering the nearly 100% acceptance ratio observed for small investors in the previous buyback offer in 2020. Accordingly, the brokerage firm advises its clients to tender their shares in the buyback.
As of 11:24 am, Wipro’s shares were trading at Rs. 383.75 apiece on the BSE, reflecting a 0.95% increase.
About Wipro:
Wipro is a renowned Indian multinational corporation that offers a wide range of information technology, consulting, and business process services. It stands as one of the prominent players in the field of Big Tech companies.
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