A scrutinizer report made public on stock markets on Monday states that the shareholders of IT giant Wipro have authorised a share buyback programme worth Rs 12,000 crore.
The Wipro board has given its approval for the purchase of 26.96 billion equity shares at a cost of Rs 445 each.
The share repurchase resolution received 99.9% of the vote, according to the scrutinizer’s report on the special resolution conducted via postal ballot and electronic voting.
According to the report, “the chairman noted the voting results as indicated above and it was declared and recorded that the special resolution as set forth in the postal ballot notice dated April 27, 2023, was lawfully passed by the shareholders on June 01, 2023, with the required majority.
The e-voting session ran from May 3 in the morning to June 1 at 5:00 p.m.
The Wipro board had previously authorised a proposal to repurchase up to 26,96,62,921 equity shares, or 4.91 percent of the company’s total paid-up equity shares, for a total of not more than Rs 12,000 crore at a price of Rs 445 per equity share.
Wipro, a company with its headquarters in Bengaluru, which competes in the IT services market with more powerful rivals like Tata Consultancy Services (TCS) and Infosys, reported a net profit of Rs 3,074.5 crore for the just ended quarter compared to Rs 3,087.3 crore in the same quarter last year.