Wipro share price gains after completing Rs 9,500-crore buyback

Wipro share price gains after completing Rs 9,500-crore buyback

Wipro stock was trading in the green on January 18 after the company completed the Rs 9,500-crore buyback program.

IT services major Wipro on January 16 said it has completed its Rs 9,500-crore share buyback program. The buyback saw Azim Premji-affiliated entities tendering 22.89 crore shares worth about Rs 9,156 crore during the process, a regulatory filing said.

"A total of 23.75 crore equity shares were bought back under the buyback at a price of Rs 400 per equity share...The total amount utilized in the buyback is Rs 9,500 crore," it added.

The tendering period for the buyback program opened on December 29, 2020, and closed on January 11, 2021.

While Azim Premji Trust tendered 19.87 crore shares, Mr. Azim Hasham Premji Partner Representing Hasham Traders tendered 1 crore shares and Azim Premji Philanthropic Initiatives tendered 51.82 lakh shares, the filing said.