Wipro shareholders approve up to Rs 9,500-cr buyback plan

IT services major Wipro on Tuesday said its shareholders have approved its up to Rs 9,500 crore share buyback plan. Wipro's board of directors had last month approved a buyback proposal for purchase of up to 23.75 crore equity shares at Rs 400 per share, aggregating to an amount of up to Rs 9,500 crore.

"...Resolution (special resolution seeking approval for buyback of equity shares) has been passed by members through postal ballot by remote e-voting process with requisite majority," the company said in a regulatory filing on Tuesday.

The voting, which started on October 18 and ended on November 16, saw 99.78 per cent of the votes being cast in favour of the buyback offer.

There was 100 per cent voting in favour of the proposal by the promoters, 98.73 per cent by public institutional shareholders and 98.49 per cent by public non-institutional shareholders.

Wipro's larger rival Tata Consultancy Services (TCS) has also proposed a mega Rs 16,000-crore buyback plan at Rs 3,000 per equity share.

Last year, Wipro had undertaken a buyback programme of 32.31 crore shares at Rs 325 apiece, aggregating to about Rs 10,500 crore.

Wipro had previously announced a buyback worth Rs 11,000 crore in 2017, and Rs 2,500 crore in the year 2016.
 

The story has been taken from a news agency