Software major Wipro on Thursday announced a proposal to buy back 34.37 crore shares for Rs 11,000 crore. In June 2016, the Bengaluru-based company had completed a buyback of shares worth Rs 2,500 crore. The Wipro offer represents 7.06% of the fully paid-up equity capital of the company. Shares will be bought back at Rs 320 apiece, which is nearly 19% higher than the stock’s closing price on the BSE on Thursday of Rs 269.
Should the Wipro buyback be successful, India Inc would have completed close to Rs 40,000 crore in 2017. This would be the highest amount ever raised via buybacks; in 2016, buybacks worth Rs 27,000 crore were completed.
Wipro’s is the second biggest buyback offer in 18 years. Tata Consultancy Services’ buyback has been the biggest share repurchase offer during this period. TCS completed its repurchase of shares worth `16,000 crore on May 2017.