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Wipro Share Buyback: The board of directors of IT major Wipro on Monday approved equity share buyback up to 269,662,921, which is 4.91 per cent of the total paid-up equity. The value of these shares is Rs 12,000 crore. The board has kept the buyback price of the shares at Rs 445 per share.
The exchange filing states that there is a premium of 19 per cent on the closing price of Wipro shares on the National Stock Exchange of India on April 27, 2023. This will be available to all shareholders of WiPro and will be conducted under the buyback tender offer route. The buyback is expected to be completed by the end of July 2023.
How much is the share buyback site
The size of the buyback is 20.95 per cent and 17.86 per cent of the fully paid-up equity share capital and free stock of the company, respectively, as per the latest audited standalone and balance sheet as on March 31, 2023. The company expects that this share buyback will help in improving shareholders’ returns.
Why share buyback comes
The company brings share buyback in view of the increase in its revenue and earnings in the coming years. Due to this, the return of the shareholders of the company is expected to improve and the company is also expected to make profits. As per the filing, revenue for the March 2023 quarter stood at Rs 23,190.3 crore, a year-on-year growth of 11.17 per cent.
How much profit did Wipro make?
Bengaluru-headquartered Wipro, the IT services sector behemoth with giants like Tata Consultancy Services (TCS) and Infosys, reported a net profit of Rs 3,074.5 crore in the March quarter, as against Rs 3,087.3 crore in the year-ago period. For FY23, Wipro reported a net profit of Rs 11,350 crore, down 7.1 per cent from the previous fiscal, while revenue grew 14.4 per cent to Rs 90,487.6 crore.
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