Wipro To Consider Buyback Proposal; Board Meeting On April 26-27

IT services major Wipro is reconsidering a proposal of buy back of equity shares, said the company in a regulatory filing. A final decision on this will be taken during the board meeting to be held on April 26-27.

The outcome of the board meeting will be communicated to the stock exchanges soon after conclusion on April 27. Wipro will also announce its Q4 FY23 and FY23 annual results on the same day.

Wipro had initiated a buyback programme worth Rs 9,500 crore in 2020. The company completed it in 2021.

In January 2021, it announced that it had completed the buyback. In a regulatory filing, it said, “23,75,00,000 equity shares were bought back under the buyback, at a price of Rs 400 per equity share. The total amount utilised in the buyback is Rs 9,500 crore.”

In the recent past, all top Indian IT firms have resorted to buyback programmes.

TCS, India’s largest IT services firm, had carried out a buyback programme in 2022. The buyback share price per share was Rs 4,500 crore with a total buyback size of Rs 18,000 crore.

Infosys, too, had announced its buyback programme in 2022.

The total size of the buyback was Rs 9,300 crore and it commenced in December 2022. In February this year, the company completed its share buyback.