Wipro Buyback 2023

Wipro Limited is a multinational corporation headquartered in Bengaluru, India that provides a wide range of information technology, consulting, and business process services. They offer digital strategy, IT services, IT consulting, business consulting, and other services to a variety of industries including personal care, healthcare, lighting, furniture, pharmaceuticals, semiconductors, natural resources, and more. The company has a global presence and operates in multiple countries worldwide. 

The company has been acknowledged with numerous accolades and acknowledgements for its outstanding performance. It was enlisted in the Dow Jones Sustainability Index (DJSI) and awarded the Silver Class Sustainability Yearbook Award in 2021. The company also obtained a Gold sustainability rating from Ecovadis, scoring in the 95th percentile among all companies assessed globally in the same sector. Additionally, the company was recognized as a Great Place to Work (GPTW) in India in 2022 and was ranked among the Top 50 Best Companies to Work for in India in 2022. The GPTW institute also named the company as one of India’s Best Employers Among Nation-Builders in 2022, among other honours.

On Thursday, 27th April, Wipro announced that it will be conducting a tender offer to buy back up to 269,662,921 shares with a face value of Rs 2 each from its shareholders. The buyback will be carried out on a proportionate basis and the shares will be purchased for Rs 445 per equity share.

According to the IT company, they will provide information about the process, record dates, timelines, and other relevant details through a public announcement. Additionally, they mentioned that they will follow the Buyback Regulations and publish the letter of offer accordingly.

Wipro Buyback 2023 Important Dates

Wipro Buyback: Offer Details

How can you be a part of the Wipro Buyback 2023?

Investors who hold Wipro shares in their Demat account as of the date to be announced in the future will qualify for the Wipro Buyback 2023 program. Eligible shareholders can participate in the buyback scheme by selling their shares and will receive payment based on the number of shares accepted by the company as part of the Wipro buyback plan.

Also read: How To apply buyback of shares?

Wipro Current Shareholders

Wipro, a technology company, has over 400.19 crore equity shares or 72.92% held by its promoter and promoter group, including Azim Premji, his wife Yasmeen, and sons Rishad and Tariq. 

Indian financial institutions, banks, and mutual funds hold 15.04 crore equity shares or 2.74%, while foreign investors have about 53.67 crore equity shares or 9.78%. 

The Indian public, corporates, and others hold 79.89 crore equity shares or 14.56% of the company.

Conclusion

A buyback is often expected to enhance return on equity by distributing cash and improve earnings per share by reducing the equity base in the long run. This can ultimately lead to a rise in the overall value for shareholders. Additionally, a buyback presents a chance for shareholders to increase their ownership percentage in the company.

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