Wipro’s ₹12,000 crore share buyback to open on June 22

IT major Wipro’s ₹12,000 crore-worth share buyback will open on June 22 and close on June 29. 

On April 27, the board of directors of Wipro had announced its first share buyback in over two years. 

The IT giant had fixed a floor price of ₹445 per equity share for the buyback and the record date was June 16, 2023 for the purpose of determining the entitlement and the names of equity shareholders who are eligible to participate in the buyback.

In its ₹12,000 crore share buyback plan, Wipro will buyback up to 269,662,921 shares of face value ₹2 each, accounting for 4.91% of all equity shares, from the shareholders through tender route.

Also Read: Wipro buyback 2023: Date, price, acceptance ratio, other details. Apply or not?

The company’s promoters and promoter group have indicated their intention to participate in the buyback offer. As of March 31, 2023, promoter and promoter group held over 72.92% stake in the company.

ICICI Securities believes that acceptance ratio is likely to be north of 60%, considering almost 100% acceptance ratio seen for small investors in the last buyback offer in 2020. The brokerage house has advised its clients to tender shares in the buyback.

At 9:50 am, the shares of Wipro were trading 0.83% higher at ₹383.20 apiece on the BSE.

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