Wipro’s Rs 9,500-crore share buyback to open on Dec 29

On Tuesday, IT services major Wipro said it’s up to Rs 9,500-crore share buyback program would start on 29 December and end on 11 January 2021.

Last month, Wipro’s buyback proposal for the purchase of up to 23.75 crore equity shares at Rs 400 per share was approved by the shareholders, amounting to up to Rs 9,500 crore. As the record date for assessing eligibility for the buyback, the company has set December 11, 2020.

The filing claimed that the buyback will open on 29 December 2020 and would close on 11 January 2021.

On or before Jan 20, 2021, the last date for the settlement of bids on the stock exchange will be. The bigger rival of Wipro, TCS, has also introduced a mega Rs 16,000-crore buyback scheme at Rs 3,000 per share of the equity. The buyback offer from the Mumbai-based business started on December 18 and is expected to close on January 1, 2021.

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