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.

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.)