Wipro pronounces share buyback of Rs 9500 crore

Wipro on Tuesday mentioned it should purchase again shares of Rs 9500 crore, the second money wealthy IT firm after bigger rival Tata Consultancy Services introduced a share buy programme final week.

Wipro will purchase 4.16 per cent of the overall paid up fairness shares or 237.5 million shares at Rs 400 per share. The promoters group led by founder chairman Azim Premji maintain 74.2 per cent stake in Wipro, the nation’s fourth largest IT providers agency. Wipro mentioned the dedicated quantity doesn’t embrace taxes and different prices to be paid by the corporate.

Tata Consultancy Companies final week mentioned purchase again shares of Rs 16,000 crore from shareholders. TCS will purchase 53.3 million shares or 1.14 per cent of whole paid up fairness capital at Rs 3000 per share, a premium of 9.6 per cent over Rs 2737.4, when it closed commerce on Wednesday. Tata Group owns 72.05 per cent in India’s largest IT providers agency, in response to a submitting on the BSE.

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