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Business News/ Companies / News/  Wipro sets record date for buyback offer, check details here

Wipro sets record date for buyback offer, check details here

Wipro will buyback up to 269,662,921 shares of face value ₹2 each from the shareholders

wipro campus shoots for stock,photos by hemant mishra/mintPremium
wipro campus shoots for stock,photos by hemant mishra/mint

IT major Wipro Ltd has set June 16, 2023 as the record date for the whopping 12,000 crore buyback plan.

“The Company has fixed Friday, June 16, 2023 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," said Wipro in its filing.

The IT major had announced 12,000 crore buyback plan and had fixed a floor price of 445 per equity share. Wipro will buyback up to 269,662,921 shares of face value 2 each from the shareholders  and account for 4.91 per cent of all equity shares.

This would be Wipro's first buyback in over two years. The last buyback of Wipro was of 9,500 crore carried between December 29, 2020, to January 11, 2021. During this buyback, Wipro tendered 22,89,04,785 equity shares --- accounting for 96.38% of the total buyback size --- aggregating to 9,156 crore. Prior to this, Wipro had launched a buyback program of 10,500 crore between August 14 to August 28 of 2019.

Members of the promoter and promoter group of the company have indicated their intention to participate in the buyback offer. As of March 31, 2023, promoter and promoter group holds over 400.19 crore equity shares or 72.92%. Some of the promoter names are Azim Premji, his wife Yasmeen, and two sons Rishad and Tariq.

Wipro reported a 0.4% year over year (YoY) drop in consolidated net profit at 3,075 crore. The IT services company had previously recorded a profit of 3,053 crore.

Its revenue from operations as a whole increased by 11.2% to 23,190 crore from 20,860 crore in the same time last year. The revenue for the December quarter was 23,229 crore.

The company's revenues in constant currency dropped 0.6% sequentially, while dollar revenue rose by 0.7% quarter-on-quarter.

On Friday, the company's share closed 0.60 per cent down at 404.80 on BSE.

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Updated: 02 Jun 2023, 11:06 PM IST
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