Azim Premji-backed Wipro Ltd. will consider share buyback proposal on April 27.
"The Board of Directors of the Company will be considering a proposal to buyback equity shares of the Company and the matters necessary and incidental thereto, in accordance with the applicable provisions of the Companies Act, 2013 (including the rules and regulations framed there under), the Securities and Exchange Board of India (Buy-back of Securities) Regulations, 2018, as amended, and other applicable laws, at its meeting scheduled to be held over April 26 - 27, 2023," Wipro said in a stock exchange filing.
Wipro will also announce its March quarter and financial year 2023 earnings on April 27.
Share buyback by a company is seen as a move that boosts promoters' confidence in the company and a way to share excess cash on the books with the shareholders.
Wipro's share buyback will be the first since January 2021.
Wipro carried out Rs 9,500 crore share buyback between December 29, 2020-January 11, 2021. During this buyback, Wipro tendered 22,89,04,785 equity shares --- accounting for 96.38 per cent of the total buyback size --- aggregating to Rs 9,156 crore, The Mint reported.
Before that, Wipro had launched a buyback program worth Rs 10,500 crore between August 14-28, 2019.
Wipro shares traded 1.25 per cent higher at Rs 372 as of 9:43 am.
