Wipro’s share buyback set to open on Dec 29

Bengaluru: IT software giant Wipro on Thursday released the letter of offer and tender form related to its Rs 9,500 crore buyback plan which will open on December 29.

It will be available till January 11 and the last date for settlement of bids is January 20. A floor price of Rs 400 per equity share is set which is currently at a premium compared to the market price.

In its letter of offer, Wipro said members of the promoter and promoter group have expressed their intention to participate in the buyback and may tender up to an aggregate maximum number of 414 crore equity shares or such lower number of shares in accordance with the rules.

At present, the promoter and promoter group hold 422 crore equity shares or 74.01 per cent of equity shares in the company’s total outstanding equity share capital.

Of the total shareholding, Azim H Premji is the largest shareholder with 23.68 crore equity shares or 4.14 per cent in Wipro.

Wipro’s buyback involves 23.75 crore equity shares representing up to 4.16 per cent of the total issued and paid-up equity share capital of the company.