Wipro announces a Rs 12,000 crore buyback

Wipro , India's third largest software exporter, has announced that it will commence a Rs 12,000 crore share buyback on July 16, 2023. It plans to purchase nearly 27 crore shares for a maximum of Rs 445 per share. The company will conduct the buyback via a tender offer route, wherein existing shareholders can opt to retain or sell their shares to the company. What it means for the company This will be Wipro's fifth buyback since 2016. After this buyback, the company's outstanding shares will fall from 549 crore to 522 crore. The proposed buyback will cost the company around 27 per cent of its total