The board of directors of Wipro on Tuesday approved the buyback plan of Rs 10,500 crore of up to 32.3 crore shares at Rs 325 per share under the tender route. The buyback would be 5.35% of the total paid-up equity share capital of the company. In FY19, a total of 63 companies launched buyback offers wherein shares worth `51,850 crore were bought back, according to PRIME Database. IT major TCS effected the biggest buyback by a private sector firm at Rs 16,000 crore which was concluded in September 2018. Although the buyback by TCS was the highest, in FY19 public sector undertakings (PSUs) dominated the offers. Among PSUs, Indian Oil Corporation (IOC) led the buyback rally by aquiring shares worth `4,435 crore. Other PSUs include ONGC, BHEL, NLC, Oil India, Coal India, NMDC, HEG, NHPC and National Aluminium Corporation. Also, buybacks in FY19 have dropped by 2.2% to `51,850 crore against `53,012.5 crore in FY18. The buyback offer by Infosys is open and will conclude in September 2019. Infosys had on January 11, 2019, announced the buyback of shares worth up to `8,260 crore at `800 per share. Apart from Infosys, other companies who are still buying back their shares include Natco Pharma, Persistent Systems, Selan Exploration Technology, mazda and Orbit Exports. READ ALSO |\u00a0Wipro mega share buyback moves ahead, Rs 10,500 crore plan gets board nod; key figures from Q4 results Interestingly, funds acquired via backbacks have drastically increased since FY16. For instance in FY16, companies bought back shares worth `1,777.94 crore. By the end of FY17, the buyback amount rose to `33,931.44 crore. Buybacks appear to have become the preferred route for companies to return wealth to shareholders, especially since dividend income, of over `10 lakh per annum, is taxable at 10% in the hands of all residents, domestic companies, trusts or funds except those established for religious, educational or charitable purposes. As per the Sebi guidelines, a company can buyback its shares only once in 12 months. A company is not allowed to make any offer of buyback within a period of one year from the date of expiry of buyback period of the preceding buyback offer if any, as per the rules.