Wipro to buy back 323 mn shares for Rs 10,500 cr

IT major Wipro on Tuesday said its board had approved buyback of 323.1 million equity shares worth Rs 10,500 crore at Rs 325 per share of Rs 2 face value. "The quantum of shares for buyback through a tender offer on proportional basis represents 5.25 per cent of the total paid-up equity capital," said the city-based firm in a statement in Bengaluru.

The company had bought back shares valued at Rs 11,000 crore in 2017 and worth Rs 2,500 crore in 2016. In a related development, the board has also allotted bonus shares of 1:3 (one bonus for every 3 shares) held by its shareholders till March 7.

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The board has, however, not recommended any final dividend. The interim divided of Re 1 or 50 per cent has been declared as the final dividend pay-out for the fiscal under review.

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The company`s blue chip firm, however, lost Rs 7.05 per share of Rs 2 face value at the end of Tuesday`s trading on the BSE to close at Rs 281.10 from Monday`s closing rate of Rs 288.15 after the opening price at high of Rs 291.30.