Wipro’s mega buyback offer opens today

the Share buyback worth Rs 12,000 crore The Wipro window opens on Thursday. The major IT company plans to buy back up to 26,96,62,921 shares of par value of ₹ 2 each, representing 4.91 per cent of all equity shares through tender method on a proportional basis. The company offered to buy back the shares at a price of Rs 445. The stock closed Wednesday at $386.

ICICI Securities She said she believes the acceptance rate is likely to be more than 60 percent, considering the close to 100 percent acceptance rate seen for small investors in the last buyback offer in 2020. In this regard, we advise our clients to bid for shares in buybacks, especially for clients who own up to 449 shares (retail class). Currently, as per SEBI guidelines, 15 per cent buyback (Rs. 1,800 crore in Wipro case) is for the retail category (up to 2 lakh).

Also read: TCS, Infosys, and Wipro: The Poor Math Behind Some Stock Buybacks

The company has set June 16 as the standard date, so only shareholders whose names appear on their corporate book are eligible to participate in the buyback offer.

The company’s promoters and group of promoters have indicated their intention to participate in the buyback offer. According to the latest ownership pattern available on the stock exchanges, the Promoters and Promoters Group owns more than 72.92 percent of the shares in the company.