Bengaluru, July 20 (IANS) - Global software major Wipro Ltd proposed to buy back nearly 344 million shares of Rs 2 face value for Rs 11,000 crore ($1.7 billion) at Rs 320 ($4.95) per share.
"The board of directors, including Mr Abidali Neemuchwala, CEO, Wipro (in picture), approved a buyback proposal for purchase of 343.75 equity shares of Rs 2 each, representing 7.06% of equity capital, from the company's shareholders on a proportionate basis by way of a tender offer," said the IT major in a statement.
The buyback price at Rs 320 per share will be payable in cash for Rs 11,000 crore in accordance with the provisions of the Companies Act, 2013 and the SEBI Regulations, 1998. "The buyback proposal is subject to the approval of the company's shareholders through postal ballot," added the statement.
Information on the terms and conditions of the buyback will be disclosed in due course in accordance with the buyback regulations. As announced on April 25, the outsourcing firm allotted bonus shares in 1:1 ratio to the shareholders who were on its register as on June 14, 2017.