Azim Premji’s Wipro gets shareholders’ approval for Rs 10,500 crore share buyback

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Published: June 3, 2019 7:02:00 PM

The software services exporter Wipro received approval of shareholders on Monday for its up to Rs 10,500 crore share buyback offer.

The company had sought approval for buying back up to 32,30,76,923 fully paid-up equity shares of Rs 2 each, representing up to 5.35 per cent of the total paid-up equity share capital of the company.

The software services exporter Wipro received approval of shareholders on Monday for its up to Rs 10,500 crore share buyback offer, Azim Premji-led company said in a regulatory exchange. The company had sought approval for buying back up to 32,30,76,923 fully paid-up equity shares of Rs 2 each, representing up to 5.35 per cent of the total paid-up equity share capital of the company, at a price of Rs 325 per scrip, for an aggregate amount of up to Rs 10,500 crore. The results of the postal ballot were declared today. This is the third buyback programme by the company. In 2016, it had undertaken a Rs 2,500 crore programme and the second of Rs 11,000 crore buyback offer was made in November to December 2017. The record cut-off date was fixed April 19, 2019 for eligible shareholders for plan.

An approval was also sought for the appointment former State Bank of India (SBI) chairperson Arundhati Bhattacharya as an independent director on its board for which nod has been granted by the shareholders through the postal ballot. “The aforesaid resolutions have been passed through Postal Ballot and e-voting by Members by requisite majority”, the company also said in a BSE filing.

Also read: Sensex, Nifty at record highs: Investor wealth rose by this much in today’s trade

Meanwhile, Wipro posted 38 percent rise in fourth-quarter profit of fiscal 2019, helped by a robust performance from its banking, financial services and insurance segment. The net profit also surged to Rs 2,484 crore in the three months to March 31, from Rs 1,803 crore in the same corresponding period of the last fiscal.

The shares of Wipro ended the day at  Rs 291.30 up 4.75 points, or 1.66 per cent on BSE today.

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