Wipro in its press note on Tuesday informed that its board has approved a proposal to buyback up to 32.30 lakh shares of the company for an aggregate amount not exceeding Rs10,500cr, being 5.35% of the total paid-up equity share capital at a price of Rs325/equity shares.
The buyback is proposed to be made from the existing shareholders of the company as on the record date on a proportionate basis under the tender offer route in accordance with the provisions contained in the Securities and Exchange Board of India Regulations, 2018 and the Companies Act, 2013 and rules made thereunder, the company said in a press note.
Members of the promoter and promoter group of the company have indicated their intention to participate in the proposed buyback, the company added.
The proposed buyback is subject to the approval of shareholders by way of a special resolution through a postal ballot. The process, timelines and other requisite details with regard to the postal ballot will be communicated in due course.
The buyback is proposed to be made from the existing shareholders of the company as on the record date on a proportionate basis under the tender offer route in accordance with the provisions contained in the Securities and Exchange Board of India Regulations, 2018 and the Companies Act, 2013 and rules made thereunder, the company said in a press note.
Members of the promoter and promoter group of the company have indicated their intention to participate in the proposed buyback, the company added.
The proposed buyback is subject to the approval of shareholders by way of a special resolution through a postal ballot. The process, timelines and other requisite details with regard to the postal ballot will be communicated in due course.
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