Bengaluru, July 20 (IANS) Global software major Wipro Ltd on Thursday proposed to buy back nearly 344 million shares of Rs 2 face value for Rs 11,000 crore ($1.7 billion) at Rs 320 ($4.95) per share.
"The board of directors approved a buyback proposal for purchase of 343.75 equity shares of Rs 2 each, representing 7.06 per cent of equity capital, from the company's shareholders on a proportionate basis by way of a tender offer," said the IT major in a statement here.
The buyback price at Rs 320 per share will be payable in cash for Rs 11,000 crore in accordance with the provisions of the Companies Act, 2013 and the SEBI Regulations, 1998.
"The buyback proposal is subject to the approval of the company's shareholders through postal ballot," added the statement.
Information on the terms and conditions of the buyback will be disclosed in due course in accordance with Buyback Regulations.
As announced on April 25, the outsourcing firm allotted bonus shares in 1:1 ratio to the shareholders who were on its register as on June 14, 2017.
The company's blue chip scrip ended at Rs 269 per share on the BSE at the of Thursday's trading session, losing Rs 2.25 from Wednesday's closing price of Rs 271.25.
The shares opened for trading at Rs 272 and went up to a high of Rs 274.25 and a low of Rs 268.20 during the intra-day trading sessions.
Doraiah Chowdary Vundavally is a Software engineer at VTech . He is the news editor of SocialNews.XYZ and Freelance writer-contributes Telugu and English Columns on Films, Politics, and Gossips. He is the primary contributor for South Cinema Section of SocialNews.XYZ. His mission is to help to develop SocialNews.XYZ into a News website that has no bias or judgement towards any.
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