Wipro Buyback - Benefits of Buyback of Shares
Wipro Buyback - Benefits of Buyback of Shares Last Friday (16-04-2019), the Public listed IT firm WIPRO announced its Quarterly results (Q4FY19) and moreover the newsletter about Buyback of Shares. This is the second time in the last 20 months that the company announced for the Buyback of Shares. On Friday, the shares of WIPRO went down about 2 percent, after the news of WIPRO employees' accounts may have been hacked. The Board of directors of the company approved a proposal to buyback shares up to 5.35 percent of the Total Paid up equity share capital, which is about 32.30 Crore shares. There is an aggregate amount not exceeding of Rs. 10,500 Crore for the buyback and the record date will be announced later. It is noteworthy that WIPRO had said it will buy the shares at a price of Rs. 325/ per share through Tender Offer. Where the retail investors were holding the WIPRO shares reasonably, and it would be said that about 90 percent of the shares will be buyback. Currently the Share...