Wipro shares climb 2% amid reports of Sebi nod to $1.7 bn buyback
The shares are expected to be bought back at Rs 320 a piece.
By ETMarkets.com | Updated:
BCCL
NEW DELHI: Shares of Wipro looked on course to extend their winning streak to fourth consecutive session as they climbed over 2 per cent in the morning trade on Wednesday.
As per a TOI report, the company is set to announce its largest share buyback ever, worth $1.7 billion (Rs 12,000 crore), with market regulator Sebi clearing the decks for it.
The company had bought back Rs 2,500 crore worth of shares in 2016 and Rs 11,000 crore worth in November-December 2017 and this would be its third buyback.
The report further added that the shares are expected to be bought back at Rs 320 a piece, which is a 17 per cent premium to the prevailing share price of Rs 273 on the BSE. The price is 33 per cent higher than the six-month average share price of Rs 240.
Shares of the company closed 2.76 per cent up at Rs 281 on BSE.
As per a TOI report, the company is set to announce its largest share buyback ever, worth $1.7 billion (Rs 12,000 crore), with market regulator Sebi clearing the decks for it.
The company had bought back Rs 2,500 crore worth of shares in 2016 and Rs 11,000 crore worth in November-December 2017 and this would be its third buyback.
The report further added that the shares are expected to be bought back at Rs 320 a piece, which is a 17 per cent premium to the prevailing share price of Rs 273 on the BSE. The price is 33 per cent higher than the six-month average share price of Rs 240.
Shares of the company closed 2.76 per cent up at Rs 281 on BSE.
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