After the third largest major IT company announced its buyback date to begin from November 30, another IT major Wipro made the call to begin its buyback from November 29.
The 11000 crore buyback will see the buyback of shares at a price of Rs. 320 per piece which is a premium of more than 8% in comparison to the current market price for the scrip.
In the regulatory filing the company cleared that a total of 34.37 equity shares which equal to almost 7% of the paid up capital shall be bought back from the equity shareholders who owned the shares as on the record date of September 15, 2017
The share buyback to happen by way of tender offer shall commence from Wednesday, November 29 and end on December 13' 2017.
Buyback is the way of distributing shareholders's profit from the company reserves and increases earning per share for the company in the weak market.