Kamal Ghorui
Wipro on Thursday approved a Rs 15,000 crore share buyback, its largest so far, even as the IT major’s offer remains smaller than recent repurchases by peers Infosys and TCS, PTI reported.The company’s latest buyback surpasses its Rs 12,000 crore programme in 2023, but trails Infosys’ Rs 18,000 crore offer –the largest by any Indian company–and TCS’ Rs 17,000 crore buyback completed in December 2023.Share buybacks are typically used to return surplus cash to shareholders, improve earnings per share and signal confidence in a company’s financial position.In a regulatory filing, Wipro said its board has approved a proposal to buy back shares at Rs 250 apiece through the tender offer route, marking its first such move in nearly three years.“The Board of Directors approved the buyback proposal, subject to shareholders’ approval through postal ballot, for purchase of up to 60 crore equity shares of Rs 2 each (5.7 per cent of total paid-up equity share capital) on a proportionate basis via tender offer at Rs 250 (USD 2.661) per equity share, for an aggregate amount not exceeding Rs 150 billion (USD 1.6 billion),” the company said.The buyback price of Rs 250 per share is about 19 per cent higher than Thursday’s closing price of Rs 210.20 on the BSE.Wipro Chief Financial Officer Aparna Iyer said in an earnings call that the buyback is expected to be completed in Q1 2027, subject to shareholder approval.Separately, the Cyient board is scheduled to meet on April 23 to consider a share buyback proposal.
