India’s major IT firm Wipro has approved a share buyback program for up to Rs 10,500 crore. As part of its mega buyback, Wipro looks to repurchase 32.30 crore equity shares at up to Rs 325 per equity share. Interestingly, while rivals TCS and Infosys have recommended a final dividend of Rs 18 and Rs 10.50 respectively, Wipro has not recommended any final dividend. “The interim dividend of Rs 1 declared by the Board at its meeting held on January 18, 2019 shall be considered as the final dividend for the financial year 2018-19. Thus, the total dividend for the financial year 2018-19 remains Rs 1 per equity share,” Wipro said in the release. Wipro’s shares today closed 2.5% lower at Rs 281, ahead of the Q4 results.
(First published on 16th April 2019 on www.financialexpress.com)