Wipro seeks shareholders' nod for Rs 10,500-cr share buyback plan

IT services major Wipro Thursday sought shareholders' nod for its up to Rs 10,500 crore share buyback offer.

The company also sought shareholders' approval for the appointment former SBI chairperson Arundhati Bhattacharya as an independent director on its board.

In a BSE filing, the company said it is seeking shareholders' approval for buying back up to 32,30,76,923 fully paid-up equity shares of Rs 2 each, representing up to 5.35 per cent of the total paid-up equity share capital of the company, at a price of Rs 325 per scrip, for an aggregate amount of up to Rs 10,500 crore.

TRENDING NOW

India is the most expensive stock market in the world, says V K Vijayakumar of Geojit Financial Services

Delhi Weather Update: Light rain likely in national capital, minimum temperature at 27 degrees Celsius

Delhi to host over 30 countries at Indo-Pacific Armies Chiefs Conference

PM Modi to inaugurate International Lawyers' Conference today

How you can maximise your mutual fund returns? Read to know some tricks

PM Modi to lay foundation stone of International Cricket Stadium in Varanasi today

Micron begins construction on $2.7 billion India semiconductor plan

Delta Corp asked to pay Rs 11,139 crore for payment of shortfall tax under GST

PM Modi inaugurates International Lawyers' Conference in New Delhi

Vivo T2 Pro 5G smartphone launched at starting price of 23,999

Sai Silks IPO subscribed 4.40 times on last day of bidding

Veera: 'Made in India' mobile-only internet browser unveiled

India, Japan agree to strengthen economic cooperation including achieving progress on high-speed railway project

Home Loan: Is repaying a home loan through mutual fund SIPs a good idea?

Mobile internet services to be restored in Manipur from Saturday: CM

The company has fixed April 19, 2019 as record cut-off date for eligible shareholders for the buyback plan.

Results of the postal ballot will be declared on June 3, it added.

This is Wipro's third buyback programme. It had undertaken a Rs 2,500 crore programme in 2016, and another Rs 11,000 crore buyback offer in November-December 2017.

"Members of the promoter and promoter group of the company have indicated their intention to participate in the proposed buyback," it said.

As on March 31, 2019, promoters held 73.85 per cent shares, while 6.49 per cent stake was held by Indian financial institutions, banks and mutual funds. Foreign holding was at 11.74 per cent, and that of Indian public, corporates and others was 7.92 per cent.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)