Wipro Share Buyback: Wipro has released details about its third share buyback. The company has fixed a record date of 16 June 2023 for this. The company has told that this time there will be a total share buyback of Rs 12,000 crore.
Wipro, one of the country’s leading IT companies, is now going to give you a tremendous opportunity to earn big money through the stock market. The company has recently announced share buyback, which will be worth Rs 12,000 crore. After fixing the record date for this, the company board has also informed both the exchanges i.e. BSE and NSE. Investors holding Wipro shares till this record date will be eligible for this buyback.
Wipro has decided to do this first share buyback in the last 2 years. When a company buys back its own shares from the shareholders, it is called share buyback. The company can buy these shares through tender route or open market. Usually the price fixed for share buyback is at a premium to the current price.
When did you buyback before this?
Earlier, in December 2020, the company had bought back its own shares for Rs 9,500 crore through a buyback program. The company first brought its first share buyback program in August 2019, which was worth Rs 10,500 crore.
Wipro share buyback details
This time Wipro has announced a share buyback of Rs 12,000 crore and for this a price of Rs 445 per share has been fixed as the floor price. Through this buyback program, Wipro will buy 26,96,62,921 shares at a face value of Rs 2 per share, which is about 4.91% of the company’s total equity shares. The company has fixed the record date for this buyback as 16 June 2023.
| Wipro: Share buyback | |
| Issue size | 26,96,62,921 shares |
| Issue size | ₹12,000 crore |
| Buyback price | ₹445/share |
| Last day to buy shares | 15 June 2023 |
| Record date | 16 June 2023 |
The promoter and promoter group of the company have also expressed their intention to participate in the buyback offer. As on March 31, 2023, the promoter and promoter group hold 400.19 crore shares ie 72.92%. Azim Premji, his wife Yasmeen and two sons Rishad Premji and Tariq Premji are in the list of promoters of this company.
Company’s financials for the March quarter
The company has recently released the results for the January-March quarter. In the fourth quarter, the company’s year-on-year profit fell by 0.4% to Rs 3,075 crore. Prior to this, in the fourth quarter of the financial year, the company had a profit of Rs 3,053 crore. During this period, the company’s income increased by 11.2% to Rs 23,190 crore from Rs 20,860 crore on an annual basis. The company’s income in the December quarter was Rs 23,229 crore.
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