Bengaluru-based IT major Wipro today announced Rs 12,000 crore share buyback programme through the tender route at a price of Rs 445 per share.
At a board meeting, the company’s directors approved buyback of up to 269,662,921 equity shares, which is 4.91% of total number of equity shares, from shareholders of the company on a proportionate basis.
The buyback share price of Rs 445, to be done through the tender route, will come at a premium of 19% against today’s closing price of Rs 374.35.
“The buyback is proposed to be made from the existing shareholders of the company (including persons who become shareholders by canceling American Depository Receipts and receiving underlying equity shares) as on the record date on a proportionate basis under the tender offer route,” Wipro said in an exchange filing.
