Wipro, an Indian multinational corporation providing solutions in information technology field, consulting and business process, board on Tuesday approved a share buyback worth Rs 9,500 crore to reward stakeholders. According to The Economic Times, the company will repurchase 23.75 crore shares at a cost of Rs 400 per share. Wipro is headquartered in Bangalore, Karnataka, India. The company back in 2013 separated its non-IT businesses and formed the privately owned Wipro enterprises.
Wipro also announced that its profit rose by 3 per cent in the July-September quarter. The IT service major gross revenue rose 1.4 per cent to Rs 15,110 crore while revenue from IT services also surged by 3.7 per cent to $1,992.4 million.
The development has come after Wipro on last Wednesday said its Board was considering a buyback plan on October 13. The announcement comes on a day when larger rival Tata Consultancy Services Board cleared an up to Rs 16,000 crore buyback plan.
"... the Board of Directors will be considering a proposal of buyback of equity shares of the company at the... meeting scheduled to be held on October 13, 2020," Wipro said in a regulatory filing. However, no other details were provided.
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