Information Technology services exporter Wipro on Wednesday announced that it has received an approval from its shareholders to buy back shares worth Rs 11,000 crore. In a filing to the Bombay Stock Exchange, the firm said the resolution was “passed through postal ballot and e-voting by members by requisite majority”. As many as 99.68% of the votes were cast in favour.
The firm had announced this proposal in July, and said that it would buy up to 3,437 shares priced at Rs 320 each. On Wednesday, Wipro also said that it has set September 15 as the date for determining “the entitlement and names of equity shareholders who are eligible for the buyback”.
Indian IT firms have been under pressure lately to return excess cash on their books to their shareholders either through generous dividends or share buybacks. . On August 19, Bengaluru-based Infosys announced that its board of directors had approved a share buyback offer of up to Rs 13,000 crore. The buyback price per share will be Rs 1,150. On April 18, TCS shareholders had approved a Rs 16,000-crore share buyback plan, which is believed to be the biggest such programme ever in India