Wipro to buy up to Rs 12,000 crore shares

The IT giant Wipro's board of directors on Monday approved a share buyback of up to 269,662, 921 equity shares, representing 4.91 per cent of its total paid-up equity share capital, for an amount of Rs 12,000 crore.

The buyback price of Wipro shares has been set at 445 per share by the Wipro BoardWipro Board, which is a 19 per cent premium over the closing price of Wipro shares on the National Stock Exchange of India on April 27, 2023.

The buyback will be conducted through the tender offer route and will be open to all Wipro shareholders. The buyback is expected to be completed by the end of July 2023.

As per the latest audited stand-alone balance sheet and consolidated balance sheet, the buyback represents 20.95 per cent and 17.86 per cent of the Company's total equity share capital and free reserves.

The company is confident that it will continue to grow its revenue and earnings in the next few years. The buyback will help improve the company's shareholder returns.

Wipro, a Bangalore-based IT services company, posted a net profit of Rs. 307.04. The March quarter was worth 5 crore against Rs 3,587 for the same quarter last year. in the year-ago period, the company generated Rs 3 crore in revenue.

The quarter-on-quarter revenue for the period March 2023 was Rs 23,190. The filing found that the company's value increased to 3 crore, 11.17 percent higher year-on-year.

For the full fiscal year, Wipro posted a net profit of Rs 11,350 crore, 7.1 per cent lower than the previous fiscal year, while revenue was 14.4 per cent higher at Rs 90,487. 6 crore are currently under construction in India.