Wipro sets June 16 as record date for ₹12,000-crore buyback

Wipro Ltd It set June 16 as the record date for its Rs 12,000 crore buyback plan.

The major IT company has set a minimum price of Rs 445 per share. Wipro will buy back up to ₹ 26.97 crore shares of ₹ 2 par value for each of the shareholders which represents about 4.91 per cent of the total paid up shares.

Wipro, in 2020, launched a buyback of Rs 9,500 crore and bought 23.75 crore shares at Rs 400 each. Historically, the company has announced four stock buybacks in 2020, 2019, 2017, and 2016.

Wipro closed Friday at $404.80 on BSE. Wipro reported a 0.4 percent YoY drop in net profit at Rs.3,074.5 crore, due to a deteriorating macro environment.

On a sequential basis, profit increased by 0.7 per cent from ₹ 3,052.9 crore in the last quarter, missing Street expectations. Revenue from operations stood at ₹23,190 crore, a growth of 11% YoY and 0.2% decline QoQ.

The company provided modest guidance for the next quarter (Q1FY24) of -3% to -1% in constant currency terms. The guidance over the previous quarter was from -0.6% to 1.0%.