IT firm Wipro to buyback shares of 9500 crores, supply opening from December 29

IT services giant Wipro today said that on December 22, it will buyback shares from December 29 to January 11, 2021, next year. wipro buyback shares will be Rs 955 crore. Only last month, the company’s shareholders approved the buyback plan of Wipro. Under this program, the company will buy 23.75 crore equity shares at the rate of Rs 400 per share, whose total value will be around 9500 crores.
The company has kept a record date of 11 December 2020 to be eligible under this buyback plan. The company has given this information in the regulatory filing. According to the filing, the buyback will open on December 29, 2020, and will close on January 11 next year. The last settlement of bids on the stock exchange will take place on or before January 20.

TCS has brought a share buyback plan

Share buyback was also announced by Tata Consultancy Services (TCS), the largest competitor company of IT company Wipro. TCS is doing share buyback at the rate of Rs 3 thousand per equity share. Its value is about 16 thousand crore rupees. Under this offer of the company, share buyback can be taken from December 18. This offer for investors will close on January 1 next year.

Wipro did share buyback last year too

Wipro also had a share buyback in 2019. At that time, the IT company had bought back 32.31 crore shares at the rate of Rs 325 per equity share. Under this program, Wipro had bought back shares worth about Rs 10,500 crore. Prior to that, in 2017, Wipro had a shareback of Rs 11 thousand crore and in 2016, it bought a share of Rs 2500 crore.