Details that you shouldn't miss about Wipro share buyback.

25 December 2020 3:54:PM

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Wipro is a leading global information technology, consulting, and business process outsourcing firm. To help customers adapt to the modern environment and make them profitable, the organization harnesses the power of cognitive computing, hyper-automation, robotics, cloud, analytics, and emerging technologies. So, in this blog, we have added all the important things that you should know about this share buyback offer by Wipro.

At its meeting held on October 13, 2020, the Board of Directors of Wipro Limited accepted a proposal to purchase up to 23,75,00,000 equity shares (Twenty Three Crores Seventy-Five Lakhs only) of the Company for an aggregate sum not exceeding Rs. 95000000000/— (Rupees Nine Thousand Five Hundred Crores only) (hereinafter referred to as the "Buyback Size"), at a price of Rs. 400/- (Rupees Four Hundred only) per equity share, being 4.16 percent of the total paid-up equity share capital (hereinafter the "Buyback Price" and such buyback, the "Buyback").

Important details about this share buyback:

Buyback Record Date:

Dec 11, 2020

Buyback Opening Date:

Dec 29, 2020

Buyback Closing Date:

Jan 11, 2021

Buyback Price:

rs. 400 Per Equity Share

Date of Public Announcement:

Oct 13, 2020

Buyback Number of Shares:

23,75,00,000

Buyback Offer Size:

4.16%

Face Value:

rs.2

Offer Type:

Tender Offer

Buyback Offer Amount:

rs. 9500 Crores

Date of Board Meeting approving the proposal:

Oct 13, 2020

Entitlement Ratio for Retail Investors – (value up to rs.2 lakhs as on Record Date)

17 Equity Shares out of every 62 fully paid-up Equity Shares held on the Record Date assuming ALL (100%) of the shares in the retail category are tendered. However, assuming a rendering of 50% (half of the retail number of shares), 34 out of 62 shares will be accepted based on a 15% reservation for this category.

Entitlement Ratio for Non - Retail Investors - (value more than rs.2 lakhs as on Record Date)

A general category for all other Eligible Shareholders: 46 Equity Shares out of every 1285 fully paid-up Equity Shares held on the Record Date assuming 100% tendering  (3.58%).

Source – Bloomberg, Company Filings.

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