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Stock Report
Wipro Limited board approves buy back of Rs. 9500 crores at Rs. 400 per share
Posted On : 2020-10-13 16:02:47( TIMEZONE : IST )
The Board of Directors of Wipro Limited (the "Company") at its meeting held on October 13, 2020 has approved a proposal to buyback up to 23,75,00,000 equity shares (Twenty Three Crores Seventy Five Lakhs only) of the Company for an aggregate amount not exceeding Rs. 95,00,00,00,000/- (Rupees Nine Thousand Five Hundred Crores only) (hereinafter referred to as the "Buyback Size"), being 4.16% of the total paid-up equity share capital, at a price of Rs. 400/- (Rupees Four Hundred only) per equity share (hereinafter the "Buyback Price" and such buyback, the "Buyback").
The Buyback is proposed to be made from the existing shareholders of the Company (including persons who become shareholders by cancelling American Depository Receipts and receiving underlying equity shares) as on the record date on a proportionate basis under the tender offer route in accordance with the provisions contained in the Securities and Exchange Board of India (Buy-Back of Securities) Regulations, 2018 ("Buyback Regulations") and the Companies Act, 2013 and rules made thereunder. The Buyback Size does not include transaction costs viz. brokerage, applicable taxes such as Buyback tax, securities transaction tax, GST, stamp duty, any expenses incurred or to be incurred for the Buyback like filing fees payable to the Securities and Exchange Board of India, advisors/legal fees, public announcement publication expenses, printing and dispatch expenses and other incidental and related expenses.
Members of the promoter and promoter group of the Company have indicated their intention to participate in the proposed Buyback.
The proposed Buyback is subject to approval of shareholders by way of a special resolution through a postal ballot. The process, timelines and other requisite details with regard to the postal ballot will be announced in due course.
Shares of WIPRO LTD. was last trading in BSE at Rs.377.55 as compared to the previous close of Rs. 374.1. The total number of shares traded during the day was 2305204 in over 29813 trades.
The stock hit an intraday high of Rs. 379.7 and intraday low of 369.5. The net turnover during the day was Rs. 865421170.
