Wipro shareholders approve up to ₹9,500 cr buyback plan
Wipro's board of directors had last month approved a buyback proposal for purchase of up to 23.75 crore equity shares at ₹400 per share, aggregating to an amount of up to ₹9,500 crore
IT services major Wipro on Tuesday said its shareholders have approved its up to ₹9,500 crore share buyback plan.
Wipro's board of directors had last month approved a buyback proposal for purchase of up to 23.75 crore equity shares at ₹400 per share, aggregating to an amount of up to ₹9,500 crore.
"...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 company said in a regulatory filing on Tuesday.
The voting, which started on October 18 and ended on November 16, saw 99.78 per cent of the votes being cast in favour of the buyback offer.
There was 100% voting in favour of the proposal by the promoters, 98.73% by public institutional shareholders and 98.49% by public non-institutional shareholders.
Wipro's larger rival Tata Consultancy Services (TCS) has also proposed a mega ₹16,000-crore buyback plan at ₹3,000 per equity share.
Last year, Wipro had undertaken a buyback programme of 32.31 crore shares at ₹325 apiece, aggregating to about ₹10,500 crore.
Wipro had previously announced a buyback worth ₹11,000 crore in 2017, and ₹2,500 crore in the year 2016.
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