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Wipro Share Buyback Date: In Monday’s trading, Wipro, the country’s third largest IT company, closed at Rs 378 with a gain of 2.69 per cent. But the reason for this rise in the stock of Wipro is the announcement of buyback of the company’s shares. Wipro has announced that the company’s board will meet on April 27, 2023, in which a decision will be taken on the decision of share buyback.
Why the buyback decision was taken
Wipro’s stock has been trading in a narrow range for a long time. The stock has fallen by 30 per cent in one year and by 21 per cent in two years. Investors are showing indifference regarding Wipro’s stock. To improve the sentiment of Wipro’s stock, the company has decided to buy back the shares. The company said in a regulatory filing to the stock exchanges that the company’s board of directors will meet on April 27 in which the board will consider share buyback. In the board meeting, it will be decided at what price and for what amount the company will buy back the shares. It will also be decided in the board meeting whether the company will buy back shares from the open market or it will be done through the tender offer route.
Better opportunity for retail investors
Investors who have Wipro shares can surrender the shares in buyback to earn better profits. Wipro is also going to announce the results for the fourth quarter of the financial year 2022-23 on April 27 itself. The last time Wipro came up with a share buyback scheme in 2002-21. Then the companies associated with Azim Premji had tendered 22.89 crore shares worth Rs 9156 crore. Then the company did share buyback at Rs 400 per share. Shareback was open from 29 December 2020 to 11 January 2021.
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