Wipro’s Share Buyback Gets Huge Response

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Wipro Limited - Company Analysis, Share Price, Market Analysis, Results and Company News

Wipro has completed its share buyback program. The buyback saw a huge response from its investors. The tendering period for the buyback program opened on December 29, 2020, and closed on January 11, 2021. Even Azim Premji-affiliated entities tendered 22.89 crore shares worth about Rs 9,156 crore during the process. The company had reported a consolidated profit of Rs 2,966.70 crore for the October-December quarter, rising 20.8 percent compared to Rs 2,455.80 crore in the corresponding quarter of the previous year.

According to the regulatory filing, a total of 23.75 crore equity shares were bought back under the buyback at a price of Rs 400 per equity share and the total amount utilized in the buyback is Rs 9,500 crore. 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 Company also said that Fiat Chrysler Automobiles had chosen the company to establish its first global digital hub in India. Known as FCA ICT India, the digital hub will be built in Hyderabad. It will support FCA’s information and communication technology operations to focus on delivering premium mobility services.

About the author: IE&M Team
IE&M Team
Indian Economy & Market is an Indian media and information platform producing data-backed news and analysis on all the vital elements at the intersection of the economy, stock markets, mutual fund, insurance, commodities, currency, technology, startups and business.

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