Wipro's Rs 9,500-cr buyback offer to open on Dec 29

Wipro's Rs 9,500-crore buyback offer to open on December 29

Shareholders had approved Wipro's buyback plan for purchase of up to 23.75 crore equity shares at Rs 400 per share

Credit: Reuters file photo.

IT services major Wipro on Tuesday said its up to Rs 9,500-crore share buyback programme will commence on December 29 and close on January 11, 2021.

Last month, shareholders had approved Wipro's buyback plan for purchase of up to 23.75 crore equity shares at Rs 400 per share, aggregating to an amount of up to Rs 9,500 crore.

"...the company received final comments from the Securities and Exchange Board of India on December 21, 2020, with respect to the Draft Letter of Offer filed by the company for the captioned buyback...the company will dispatch the Letter of Offer to eligible shareholders," Wipro said in a regulatory filing.

The company has set December 11, 2020 as the record date for determining eligibility for the buyback.

The filing said the buyback will open on December 29, 2020 and close on January 11, 2021.

The last date for settlement of bids on the stock exchange would be on or before January 20, 2021.

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. The Mumbai-based company's buyback offer commenced on December 18 and is slated to close on January 1, 2021.

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 2016.