Wipro Shareholders Approve Its Rs 9,500 Crore Buyback Plan

On Tuesday, Wipro Limited said that its shareholders have approved its up to Rs 9,500 crore share buyback plan.

The board of the IT major had approved a buyback proposal for 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 on Tuesday, the company said the "...resolution (special resolution seeking approval for buyback of equity shares) has been passed by members through postal ballot by remote e-voting process with requisite majority."

The 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 has received 100 percent voting in favour of the proposal by the promoters, 98.73 percent by public institutional shareholders and 98.49 percent by public non-institutional shareholders.

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.

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 closed 1.24 percent higher at Rs 349.75 on Tuesday.