Wipro to Buy Back 344 Million shares Worth Rs 11,000 Crore
The buyback price at Rs 320 per share will be payable in cash for Rs 11,000 crore in accordance with the provisions of the Companies Act, 2013 and the SEBI Regulations, 1998.
Image for representation only.
Loading...
Global software major Wipro Ltd on Thursday proposed to buy back nearly 344 million shares of Rs 2 face value for Rs 11,000 crore ($1.7 billion) at Rs 320 ($4.95) per share.
"The board of directors approved a buyback proposal for purchase of 343.75 equity shares of Rs 2 each, representing 7.06 per cent of equity capital, from the company's shareholders on a proportionate basis by way of a tender offer," said the IT major in a statement here.
The buyback price at Rs 320 per share will be payable in cash for Rs 11,000 crore in accordance with the provisions of the Companies Act, 2013 and the SEBI Regulations, 1998.
"The buyback proposal is subject to the approval of the company's shareholders through postal ballot," added the statement.
Information on the terms and conditions of the buyback will be disclosed in due course in accordance with Buyback Regulations.
As announced on April 25, the outsourcing firm allotted bonus shares in 1:1 ratio to the shareholders who were on its register as on June 14, 2017.
The company's blue chip scrip ended at Rs 269 per share on the BSE at the of Thursday's trading session, losing Rs 2.25 from Wednesday's closing price of Rs 271.25.
The shares opened for trading at Rs 272 and went up to a high of Rs 274.25 and a low of Rs 268.20 during the intra-day trading sessions.
Watch Video: Samsung Galaxy S8 Top 5 Features
Catch the Biggest Newsmakers and the Biggest Newsbreaks on CNN-News18, your favourite English TV news channel. Keep watching CNN-News18 at just 50 Paise per Month. Contact your cable /DTH operator Now!
*Rental / capacity fee of Rs.130/- as charged by cable / DTH operator may apply. **GST extra.
"The board of directors approved a buyback proposal for purchase of 343.75 equity shares of Rs 2 each, representing 7.06 per cent of equity capital, from the company's shareholders on a proportionate basis by way of a tender offer," said the IT major in a statement here.
The buyback price at Rs 320 per share will be payable in cash for Rs 11,000 crore in accordance with the provisions of the Companies Act, 2013 and the SEBI Regulations, 1998.
"The buyback proposal is subject to the approval of the company's shareholders through postal ballot," added the statement.
Information on the terms and conditions of the buyback will be disclosed in due course in accordance with Buyback Regulations.
As announced on April 25, the outsourcing firm allotted bonus shares in 1:1 ratio to the shareholders who were on its register as on June 14, 2017.
The company's blue chip scrip ended at Rs 269 per share on the BSE at the of Thursday's trading session, losing Rs 2.25 from Wednesday's closing price of Rs 271.25.
The shares opened for trading at Rs 272 and went up to a high of Rs 274.25 and a low of Rs 268.20 during the intra-day trading sessions.
Watch Video: Samsung Galaxy S8 Top 5 Features
Catch the Biggest Newsmakers and the Biggest Newsbreaks on CNN-News18, your favourite English TV news channel. Keep watching CNN-News18 at just 50 Paise per Month. Contact your cable /DTH operator Now!
*Rental / capacity fee of Rs.130/- as charged by cable / DTH operator may apply. **GST extra.
Loading...
Next Story Next Story
Also Watch
Also Watch
PUBG Mobile Zombie Mode Beta Gameplay
Thursday 14 February , 2019
New Ford Aspire Review: Better Value for Money Than Before
Wednesday 13 February , 2019
Review: HP Spectre x360
Wednesday 13 February , 2019
Long Term Review: Datsun Redi-GO 1.0-Litre AMT
Friday 01 February , 2019
Maruti Suzuki Wagon R First Drive Review: Bigger is Better

PUBG Mobile Zombie Mode Beta Gameplay

Thursday 14 February , 2019
New Ford Aspire Review: Better Value for Money Than Before

Wednesday 13 February , 2019
Review: HP Spectre x360

Wednesday 13 February , 2019
Long Term Review: Datsun Redi-GO 1.0-Litre AMT

Friday 01 February , 2019
Maruti Suzuki Wagon R First Drive Review: Bigger is Better
Live TV
Recommended For You
"Completely Unexpected But a Dream Come True" - Markande Revels in India Call-up
Amitabh Bachchan Completes 50 Years in Cinema: Fifty Lesser Known Facts About the Star
This Kashmiri Group's Game of Thrones Tribute Made it Into the Official Fan Anthem
Shell Be Loved: Tortoise Couple Breaks Up After Century Together, and We're Not Over It
WhatsApp to Give You Option Before Being Added to Groups: Here is How to Use
Photogallery
Loading...
Countdown To
Elections Results
- 12 h
- 38 m
- 09 s
To Assembly Elections 2018 Results