Wipro rallies as IT firm considers share buyback
he outcome of the board meeting will be disseminated to the stock exchanges after conclusion of the Board meeting on July 20, 2017.
By ETMarkets.com | Updated:
NEW DELHI: Shares of Wipro shot up over 3 per cent on Monday as the IT firm said it said it would consider a share buyback at its board meeting on Thursday. If approved this would be the company’s second such offering in as many years.
Following the announcement, the stock climbed 3.12 per cent to close at Rs 267.60 on BSE.
In a filing to BSE the IT firm said, “With reference to the earlier letter dated July 3 regarding a meeting of the board of directors, Wipro has now informed BSE that the board will consider a proposal for buyback of equity shares on July 20. ”
The outcome of the board meeting will be disseminated to the stock exchanges after conclusion of the Board meeting on July 20, 2017.
Wipro had said it would look at a buyback in July when it announced its fourth-quarter results. Infosys, Tata Consultancy Services and Cognizant have all announced share buybacks.
Following the announcement, the stock climbed 3.12 per cent to close at Rs 267.60 on BSE.
In a filing to BSE the IT firm said, “With reference to the earlier letter dated July 3 regarding a meeting of the board of directors, Wipro has now informed BSE that the board will consider a proposal for buyback of equity shares on July 20. ”
The outcome of the board meeting will be disseminated to the stock exchanges after conclusion of the Board meeting on July 20, 2017.
Wipro had said it would look at a buyback in July when it announced its fourth-quarter results. Infosys, Tata Consultancy Services and Cognizant have all announced share buybacks.
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