Wipro Unveils Ambitious $1.6 Billion Share Buyback Plan

In a strategic move to bolster shareholder value, Wipro Limited has unveiled a significant share buyback plan worth Rs 15,000 crore. The buyback is priced at Rs 250 per equity share, a substantial premium to the company's last closing price, signaling confidence in its financial health.

This proposal, contingent on shareholder approval, targets the repurchase of up to 60,00,00,000 equity shares, representing 5.7% of Wipro's total paid-up equity share capital. The operation will proceed through a tender offer route adhering to the regulations set by the Securities and Exchange Board of India.

Aparna Iyer, Wipro's Chief Financial Officer, emphasized that the firm's solid financial footing and strong cash flows have enabled this shareholder-friendly initiative. Part of the buyback is reserved for retail investors, with detailed plans awaiting shareholder endorsement via a postal ballot.