IT major Wipro had in October, approved a plan to buy upto 23.75 crore shares from investors. The company will buy each share at a price of Rs 400, and the record date has been fixed at Dec 11.
How To Place Buyback Orders For Wipro Shares?
To place buyback orders, some brokers like Sharekhan have said that a call needs to be placed during the offer period to the Relationship Manager. One has to ensure the following:
Investors must have shares in the demat account as on Dec 11 (record date) to be eligible for the buyback of shares.
Shares if pledged are to be un pledged during the offer period.
In case investors have purchased shares and not paid for them, it is advisable to do so on or before Dec 10 so that they can get transferred to your Demat account
Other Key Points
The offer will not be eligible if the shares are sold on T/T-1 day (where "T" is the record date, Dec 11).
Stocks available in the Demat account will be picked up for bidding.
Cut-off to apply for the buyback is 11 AM on the last day of the offer period.
In case of cancellations after the bid is placed, stocks will be released on the settlement date after it is received from the Exchange, till which time the stocks cannot be sold.
The shares of Wipro were last seen trading at Rs 363 on the National Stock Exchange. In fact, the shares are close to a 52-week high. Considering that the offer price is Rs 400 per share, it is better to tender the shares in offer. Given that it is just a small per centage of the capital of the company, investors are likely to see only a small component of their shares being bought back by the company.