Wipro will consider repurchase proposal; board meeting on April 26 and 27

Major IT services company Wipro is reconsidering a share buyback proposal, the company said in a regulatory filing. The decision will be made at the board meeting that will take place on April 26 and 27, 2023.

The Bangalore-based IT services company said: “The company’s board of directors will consider a proposal to buy back equity shares of the company and necessary and incidental matters, in accordance with the applicable provisions of the Companies Act, 2013 (including the rules and regulations contained therein), the Securities and Exchange Board of India (Repurchase of Securities) Regulations, 2018, as amended, and other applicable laws, at its meeting scheduled for April 26-27 of 2023.”

This listing is done in accordance with Regulation 29(1)(b) of the Securities and Exchange Board of India (Disclosure Requirements and Listing Obligations) Regulations 2015.

The outcome of the board meeting will be reported to stock exchanges shortly after the conclusion of the board meeting on April 27, 2023. Wipro will also announce its FY23 fourth quarter and FY23 annual results. 23 on April 27, 2023.

Wipro had started a buyback program in 2020 worth Rs 9,500 crore. The company completed its share buyback program in 2021. In January 2021, the company announced that it had completed the buyback and in a regulatory filing said: “23,75,00,000 (twenty-four crore Rs seventy-five lakhs) shares of capital were repurchased under the repurchase, at a price of Rs 400/- (only Rs four hundred) per share of capital… The total amount used in the repurchase is Rs 9,500 million,”

In the recent past, all the major Indian IT companies have resorted to buy-back programs. TCS, the largest IT service company in India, had conducted a buyback program in 2022. The buyback share price per share was Rs 4.5 billion with a total buyback size of Rs 18 billion. rupees.