Wipro Ltd has announced a Rs 9,500-crore buyback, joining its larger peer Tata Consultancy Services Ltd in rewarding shareholders.
The board has been approved a proposal to buy back 23.75 crore shares, or 4.16% of the equity, at Rs 400 apiece, Wipro said in an exchange filing.
The buyback price is at a premium of 6.45% to Tuesday’s closing stock price.
Buy Back Offer Deal:
|Buyback Type:||Tender offer|
|Buyback Record Date:||Dec 11 2020|
|Buyback Opening Date:||Dec 29 2020|
|Buyback Closing Date:||Jan 11 2021|
|Buyback Offer Amount:||₹ 9500 Crores|
|Date of Board Meeting approving the proposal:||Oct 13 2020|
|Date of Public Announcement:||Oct 13 2020|
|Buyback Offer Size:||4.16%|
|Buyback Number of Shares:||23,75,00,000|
|Price Type:||Tender Offer|
|Buyback Price:||₹ 400 Per Equity Share|
Wipro Buyback 2020 FAQs:
- When is Wipro Buyback Record Date?
Wipro buyback 2020 record date will be 11.12.2020.
- When is Wipro Buyback Announcement Date?
Wipro buyback 2020 announcement date is Oct 13, 2020.
- What is Wipro Buyback Price?
The company has fixed the price at ₹400 Per Equity Share.
- How can I get Wipro’s buyback?
As per the Wipro record date (11.12.2020) you need to have Wipro shares in your Demat account. You can participate in buyback after having the stock in your account.
Once you have shares in Demat, you can participate in the buyback process which is opening from [29.12.2020], by selling your shares through your broker on NSE or BSE. Then on [21.01.2021] the payment will be given to you for accepted shares and unaccepted shares will be returned to your Demat account.
- How much I can make with the Wipro buyback offer?
It all depends on the acceptance ratio which usually announces with a Letter of Offer.
The percentage of proportionate acceptance varies from company to company. This percentage can be also 100% which means that the company buys all of your shares.
- How to Participate in the Wipro buyback offer?
Steps to participate in Wipro buyback:
On Record date (11.12.2020) you must have a share of Wipro in your Demat account. Depositing of shares in your DP account usually takes T+2 days, so you need to plan your buying accordingly.
After that company announces the buyback open and close window, so you need to tender your share in the buyback process. You can do this online or contact your broker to tender your share in the buyback, so he can place a request on your behalf.
The next step is with the registrar – depend on the buyback acceptance ratio, your shares will be sold in the buyback process and the fund will directly be debited in your bank account. Any rejected share will be revert to your Demat account which you can sell in the open market or hold for long-term gain.
- How many Wipro shares are eligible for buyback?
Shareholders who hold less than 2 lakh worth of shares are considered in the Retail Category. All others will consider in General Category. The last trading price on the record date will be used to calculate the eligibility criteria.