Wipro board to consider share buyback on April 27: What to expect

Wipro shares buyback: Leading software services provider, Wipro will consider a share buyback proposal on April 27 along with the release of its March quarter report card. Just before the company makes the announcement, it is estimated that the buyback can come at a price band of Rs 430 -450, as per Zee Business research.

Wipro's share price rose by 2 percent on Monday after the company said that it will review a proposal for buyback of equity shares this week. As per the estimates of Zee Business, the company can use between Rs 8000 to 8700 crores for buyback and it is likely to do the buyback through tender route.

"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, at its meeting scheduled to be held over April 26-27, 2023," Wipro said in a regulatory filing. The company is also expected to release its Q4FY23 earnings on April 27.

Zee Business estimates that the share buyback will be done at a premium of 17 to 22 per cent,  

The company will also announce its fourth quarter and full-year results this week. The outcome of the board meeting will be communicated to the stock exchanges soon after the conclusion of the meeting on Thursday April 27, it said in the exchange filing.

This will be the company's fifth buyback in seven years. Wipro conducted its last share buyback in the year 2020, for an amount of Rs 9,500 crore. Prior to this, the company launched a buyback programme of Rs 10,500 crore in 2019.

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