Wipro announces to buyback shares at Rs 400 per unit

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Wipro Shares
Wipro Shares

New Delhi : The Wipro company board on Tuesday approved buyback plan of worth Rs 9,500 crores under which the company will be purchasing 23.75 crore shares at Rs 400 per equity share for an aggregate amount not exceeding Rs 9,500 crore.

Wipro shares today closed 0.5% lower at Rs 375. The buyback price is at a 6.6% premium to today's closing price.

This is not the first time Wipro is doing so. Last year, the company had announced a share buyback of up to 33.3 crore shares at Rs 325 per share, aggregating Rs 10,500 crore, and comprising 3.69% of its total paid-up equity capital.

Last week, rival Tata Consultancy Services (TCS) had announced a mega- Rs 16,000 crore buyback plan at Rs 3,000 per equity share.

Wipro also announced that the company entered into a definitive agreement to acquire Eximius Design India private Limited, an engineering services company with expertise in semiconductor, software and systems design for a total consideration of about ₹100 crore. The acquisition is subject to customary closing conditions and regulatory approvals and is expected to be concluded in the quarter ending December 31, Wipro said.