Wipro, the country’s third largest IT firm, today said it has fixed May 6 as the record date for buyback of up to four crore shares worth around Rs 2,500 crore. This represents 1.62 per cent of the total paid-up equity capital aggregating to 4 crore shares at a price of Rs 625 per share.
“...the company has fixed May 6, 2016, as the record date for the purpose of buyback of equity shares,” Wipro said in a BSE filing. The company has made a public announcement about its buyback plans.
The buyback is proposed to be made from all existing shareholders of the company, including persons who became shareholders by cancelling American Depository Receipts and receiving underlying equity shares.Members of the promoter and promoter group of Wipro have indicated their intention to participate in the proposed buyback.
Promoters hold 73.35 per cent stake in the company as of December 31, 2015, as per the shareholding pattern on the BSE.