Wipro completes its Rs 9,500 crore share buyback programme

Wipro, the IT giant, announced on Saturday that it has completed the 9,500-crore share buyback programme. The programme was initiated on December 29, 2020 and closed on January 11, 2021.

The buyback resulted in Wipro founder chairman and the Czar of Indian IT industry Azim Premji Entities tendering 22.89 crore shares worth about Rs 9,156 crore during the process, a regulatory filing reported.

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The report further declared, “(A total of) 23.75 crore equity shares were bought back under the buyback at a price of Rs 400 per equity share…The total amount utilized in the buyback is Rs 9,500 crore.”

As reported by Moneycontrol, Azim Premji Trust tendered 19.87 crore shares, Mr Azim Hasham Premji Partner Representing Hasham Traders tendered 1 crore shares and Azim Premji Philanthropic Initiatives tendered 51.82 lakh shares, the filing said. Mr Azim Hasham Premji Partner Representing Zash Traders and Mr Azim Hasham Premji Partner Representing Prazim Traders tendered 75 lakh shares each, it added.

The current status of the enterprise post buyback is that the promoters hold 73.04% stake in the company, while the remaining 26.96 percent stake is held by foreign investors, financial institutions and others.

Wipro reported 21% rise in consolidated net profit at 2,968 crore for the quarter ending 31 December, 2020, It was 2,456 crore in the year-ago period. Total revenue rose marginally to 15,670 crore in Q3FY21. Wipro expects a sequential growth of 1.5% to 3.5%. The interim dividend declared by Wipro was Rs.1 per share.

Earlier in January, Tata Consultancy Services (TCS), Wipro’s biggest competitor also completed 16,000-crore buyback offer, under which over 5.33 crore equity shares were bought back at a price of 3,000 apiece.