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Wipro surges 5.5 percent on share buyback decision
Posted on: 17/Jul/2017 5:31:19 PM
Due to the decision of buyback of the equity shares Wipro’s shares surged over 5.5 percent on the bourses today. Wipro, the third largest IT Company in India is about to take this big step on their next week’s board meeting scheduled on 19th and 20th of July 2017 to consider the first quarter results. The disclosure of the size of the buyback is not officially announced.
The company stated in a filing to the Stock Exchange on Friday as follows, “"Wipro Ltd has now informed BSE that the Board will consider a proposal for buyback of equity shares of the Company on July 20, 2017."
If the decision is confirmed it will be second time Wipro buying their shares back after many years. Other IT giants like Cognizant, Infosys and TCS had already taken their buy back decisions to be in good books of their shareholders.
Infosys identified an amount of Rs 13,000 crore ($2 billion) to be paid out to the share holders in the financial year 2018 by means of dividend and share buyback. Earlier this year TCS completed a buyback of Rs 16000 crore program.
