Wipro Board to Con­sider Share Buy­back Plan

Buy­back de­ci­sion likely to be taken on Apr 20, the day it re­ports Q4 No.s

The Economic Times - - Companies - Anir­ban.Sen @times­group.com

Bengaluru: The board of di­rec­tors of In­dia’s third-largest soft­ware ex­porter Wipro will con­sider a pro­posal to buy back shares of the com­pany on April 20, the day the com­pany an­nounces its March-quar­ter re­sults.

Last year, the Se­cu­ri­ties and Ex­change Board of In­dia (Sebi) passed a reg­u­la­tion on share buy­back as part of which, ten­der­ing of shares through the stock ex­change are now al­lowed. This has al­lowed and en­cour­aged listed com­pa­nies to con­sider op­tions such as share buy­backs, which ba­si­cally re­duce the num­ber of out­stand­ing shares and in­creases the value of shares owned by ex­ist­ing share­hold­ers.

“With ref­er­ence to the ear­lier an­nounce­ment dated March 29, 2016, re­gard­ing in­ti­ma­tion of board meet­ing to be held over April 19-20, 2016, Wipro Ltd has now in­formed BSE that the board of di­rec­tors will con­sider a pro­posal for buy­back of equity shares of the com­pany on April 20, 2016,” Wipro said in a fil­ing to stock ex­changes on Tues­day evening,” Wipro said.

A Wipro spokesper­son said the com­pany would share more de­tails of the buy­back if the pro­posal is ap­proved by the board af­ter it con­cludes the board meet­ing on April 20.

“Wipro has al­ways strived to en­hance share­holder value for its in­vestors. The board is con­sid­er­ing a pro­posal of share buy­back as part of the agenda for the meet­ing sched­uled on April 19 & 20, 2016. The pro­posal is in line with the com­pany’s phi­los­o­phy to pro­vide reg­u­lar, sta­ble and con­sis­tent re­turns to share­hold­ers,” a Wipro spokesper­son said.

“If ap­proved by the board, more de­tails of the buy­back will be dis­sem­i­nated to the stock ex­changes af­ter the con­clu­sion of the board meet­ing,” he added.

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