Wipro's Rs 9,500 Crore Share Buyback To Open On 29 December

On Tuesday, Wipro Ltd said that it is up to Rs 9,500 crore share buyback programme is set to open on 29 December 2020 and close on 11 January 2021.

Last month, shareholders of the IT giant had approved its buyback plan for the purchase of up to 23.75 crore equity shares at Rs 400 per share, aggregating to an amount of up to Rs 9,500 crore.

In a regulatory filing, Wipro said "...the company received final comments from the Securities and Exchange Board of India on December 21, 2020, with respect to the Draft Letter of Offer filed by the company for the captioned buyback...the company will dispatch the Letter of Offer to eligible shareholders."

The company had set 11 December as the record date to determine eligibility for the buyback.

The filing said the buyback will open on 29 December 2020 and close on 11 January 2021.

The last date for settlement of bids on the stock exchange would be on or before 20 January 2021.

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. The Mumbai-based company's buyback offer commenced on 18 December and is slated to close on 1 January 2021.