Daily Mail India
People Inbox @ Single Platform

Wipro’s Rs 9.500 crore share buyback offer opens: Everything to know



News24

LAST UPDATED: Dec. 29, 2020, 1:59 p.m.

New Delhi (Anish Yande): Share prices of Wipro rose on Tuesday as the company’s share buyback offer opened today. The share price of Wipro rose by almost 2 percent following the opening bell. The share buyback offer by Wipro amounts to Rs 9,500 crore.

Shareholders had approved Wipro’s share buyback plan for 23.75 crore equity shares at Rs 400 per share. 

Wipro had previously announced a share buyback plan in April 2020. This share buyback plan amounted to Rs 10,500 crore. The buyback plan involved a repurchase of 32.3 crore equity shares at Rs 325 equity share. The buyback was at a premium of over 15 percent to April’s share prices.

Important Details to know about Wipro’s Share Buyback:

The share buyback offer for Wipro would be concluding on January 11, 2021. The settlement of the Wipro shares would be occurring up till January 20th, 2021. 

The buyback price of Rs 400 per share is stated at a premium of 3% percent compared to Wipro’s current share price. The share price of Wipro reached a high of Rs 389.75 on Monday.

Promoters of Wipro hold 74 percent of the company’s equity shares. The promoters hold 422 crore equity shares of Wipro. 

Within the last five years, this is Wipro’s fourth share buyback offer for investors. Wipro had repurchased shares worth Rs 11,000 crore in 2017. The IT company had also repurchased shares amounting to Rs 2,500 crore in 2016. 

15% of the shares under the buyback plan or 3.5 crore shares are kept reserved for retail investors. These investors own Wipro shares with less than Rs 2 lakh in value. Investors who own Wipro shares up to Rs 2 lakh in value till December 11 can tender their shares as retail investors of Wipro.

Experts have stated that Wipro shares have increased by more than 55 percent in 2020. 

Image Credit: Google



Source link