Wipro sets December 11 as record date for share buyback

IT services firm Wipro on Wednesday said it has fixed December 11 as the record date for its up to Rs 9,500 crore share buyback programme.

"...the company has fixed Friday, December 11, 2020, as the Record Date for the purpose of determining the entitlement and the names of equity shareholders who are eligible to participate in the buyback," Wipro said in a regulatory filing.

Its Board of Directors and shareholders have already approved its proposal to buyback up to 23,75,00,000 equity shares of the company at Rs 400 per share, it added.

In a filing on Tuesday, Wipro said the voting from shareholders, which started on October 18 and ended on November 16, saw 99.78 per cent of the votes being cast in favour of the buyback offer.

Wipro's larger rival Tata Consultancy Services (TCS) has also proposed a mega Rs 16,000-crore buyback plan at Rs 3,000 per equity share.

Last year, Wipro had undertaken a buyback programme of 32.31 crore shares at Rs 325 apiece, aggregating to about Rs 10,500 crore.

Wipro had previously announced a buyback worth Rs 11,000 crore in 2017, and Rs 2,500 crore in the year 2016.