Wipro Fixes Record Date For Share Buyback

On Wednesday, Wipro Ltd said that it has fixed 11 December as the record date for its up to Rs 9,500 crore share buyback programme.

In a regulatory filing, it said that "the company has fixed Friday, December 11, 2020, as the Record Date for the purpose of determining the entitlement and the names of equity shareholders who are eligible to participate in the buyback."

Its Board of Directors and shareholders have already approved its proposal to buyback up to 23.75 crore equity shares of the company at Rs 400 per share, it added.

On Tuesday, the IT services firm said that shareholders' voting, which started on 18 October and ended on 16 November, saw 99.78 percent of the votes being cast in favour of the buyback offer.

Wipro's larger rival Tata Consultancy Services (TCS) has also proposed a mega Rs 16,000-crore buyback plan at Rs 3,000 per equity share. It has also announced its record date for the buyback.

Last year, Wipro had undertaken a buyback programme of 32.31 crore shares at Rs 325 apiece, aggregating to about Rs 10,500 crore.

Wipro had previously announced a buyback worth Rs 11,000 crore in 2017, and Rs 2,500 crore in the year 2016.

Shares of the company opened higher on Thursday at Rs 347.70.