Mumbai (Maharashtra) [India], April 16 (ANI): IT company, Wipro Limited, on Thursday announced a share buyback worth Rs 15,000 crore at a price of Rs 250 per equity share, with the proposal approved by its Board of Directors, subject to shareholder approval.

The company stated that the buyback will be conducted through the tender offer route on a proportionate basis, in accordance with the provisions of the Securities and Exchange Board of India (Buy-back of Securities) Regulations, 2018 and the Companies Act, 2013.

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According to the company, it plans to repurchase up to 60,00,00,000 equity shares of face value Rs 2 each, representing 5.7 per cent of its total paid-up equity share capital. The aggregate buyback size is capped at Rs 150 billion (approximately USD 1.6 billion).

The buyback price of Rs 250 per share is significantly higher than the company's closing price of Rs 210.26 on Thursday, offering a premium to shareholders. The record date for determining shareholder eligibility for the buyback is yet to be announced.

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The company also indicated that a portion of the buyback will be reserved for retail investors, with a retail quota of 9,00,00,000 shares.

Commenting on the development, Aparna Iyer, Chief Financial Officer of Wipro, said the company has maintained strong financial performance and cash generation during the financial year.

"We have continued to invest in our clients, capabilities and people and maintained our margins in narrow band. Our cash conversion continues to remain strong with operating cash flows at 112.6 per cent of net income for FY'26," she said.

"Additionally, in our recently concluded board meeting, the Board of Directors announced buyback of Rs 15,000 crore at a price of Rs 250, subject to shareholder approval," she said.

The buyback is aimed at enhancing shareholder value and reflects the company's confidence in its financial position and future outlook. The proposal will now be placed before shareholders for approval through a postal ballot process. (ANI)

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