IT firm Wipro shareholders have accepted a share buyback programme price Rs 12,000 crore, in accordance with a scrutinizer report launched on inventory exchanges on Monday.
The Wipro board had accepted the buyback of 26.96 crore fairness shares at a worth of Rs 445 apiece.
In keeping with the Scrutinizer’s report on the particular decision by the use of postal poll and e-voting course of, 99.9 per cent voted in favour of the share buyback decision.
“The Chairman famous the outcomes of voting as acknowledged above and it was declared and recorded that the particular decision as set out within the Discover of Postal Poll dated April 27, 2023, was duly handed by the shareholders on June 01, 2023, with requisite majority,” the report mentioned.
The e-voting interval commenced at within the morning of Could 3 and ended at 5 pm on June 1.
The board of Wipro had accepted a proposal to buyback as much as 26,96,62,921 fairness shares, being 4.91 per cent of the full paid-up fairness shares of the corporate for an combination quantity not exceeding Rs 12,000 crore at a worth of Rs 445 per fairness share.
Members of the promoter and promoter group of the corporate have indicated their intention to take part within the proposed buyback, as per the report.
Bengaluru-headquartered Wipro—which competes within the IT providers house with bigger rivals like Tata Consultancy Companies (TCS) and Infosys—posted a web revenue of Rs 3,074.5 crore for the just-ended quarter in opposition to Rs 3,087.3 crore within the year-ago interval.
The income for March 2023 quarter stood at Rs 23,190.3 crore, 11.17 per cent greater year-on-year, in accordance with the submitting.
For the total FY23, the web revenue of Rs 11,350 crore was 7.1 per cent decrease than the previous fiscal, whereas income of Rs 90,487.6 crore was 14.4 per cent greater.