Wipro shareholders approve Rs 12,000-crore share buyback

IT company Wipro shareholders have approved a share buyback programme worth Rs 12,000 crore, according to a scrutinizer report released on stock exchanges on Monday.

The Wipro board had approved the buyback of 26.96 crore equity shares at a price of Rs 445 apiece.

According to the Scrutinizer's report on the special resolution by way of postal ballot and e-voting process, 99.9 per cent voted in favour of the share buyback resolution.

"The Chairman noted the results of voting as stated above and it was declared and recorded that the special resolution as set out in the Notice of Postal Ballot dated April 27, 2023, was duly passed by the shareholders on June 01, 2023, with requisite majority," the report said.

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The e-voting period commenced at in the morning of May 3 and ended at 5 pm on June 1.

The Board of Wipro had approved a proposal to buyback up to 26,96,62,921 equity shares, being 4.91 per cent of the total paid-up equity shares of the company for an aggregate amount not exceeding Rs 12,000 crore at a price of Rs 445 per equity share.

Members of the promoter and promoter group of the company have indicated their intention to participate in the proposed buyback, as per the report.

Bengaluru-headquartered Wipro -- which competes in the IT services space with larger rivals like Tata Consultancy Services (TCS) and Infosys -- posted a net profit of Rs 3,074.5 crore for the just-ended quarter against Rs 3,087.3 crore in the year-ago period.

The revenue for March 2023 quarter stood at Rs 23,190.3 crore, 11.17 per cent higher year-on-year, according to the filing.

For the full FY23, the net profit of Rs 11,350 crore was 7.1 per cent lower than the preceding fiscal, while revenue of Rs 90,487.6 crore was 14.4 per cent higher.