Wipro Approves Rs 15,000 Crore Share Buyback at 19% Premium
Indian IT services giant Wipro Ltd has announced a significant share buyback program valued at Rs 15,000 crore. The company's board approved the repurchase of up to 60 crore shares, which constitutes 5.7% of its total paid-up share capital. The buyback price is set at Rs 250 per share, representing a 19% premium over the stock's last closing price. This strategic move aims to return excess cash to shareholders and signal management's confidence in the company's valuation, potentially boosting earnings per share. The announcement comes alongside Wipro's financial results for the March quarter of FY26, where consolidated net profit dipped slightly by 1.89% to Rs 3,501.8 crore. Additionally, Wipro provided revenue guidance for the June quarter of FY27, projecting figures between $2,597 million and $2,651 million. CEO Srini Pallia highlighted the company's pivot toward an AI-native business model to adapt to changing client priorities. This buyback follows similar actions by industry peer Infosys, reflecting a broader trend among major Indian IT firms to utilize cash reserves for shareholder value enhancement amidst evolving market dynamics.
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Wipro Approves Rs 15,000 Crore Share Buyback at 19% Premium
Indian IT services giant Wipro Ltd has announced a significant share buyback program valued at Rs 15,000 crore. The company's board approved the repurchase of up to 60 crore shares, which constitutes 5.7% of its total paid-up share capital. The buyback price is set at Rs 250 per share, representing a 19% premium over the stock's last closing price. This strategic move aims to return excess cash to shareholders and signal management's confidence in the company's valuation, potentially boosting earnings per share. The announcement comes alongside Wipro's financial results for the March quarter of FY26, where consolidated net profit dipped slightly by 1.89% to Rs 3,501.8 crore. Additionally, Wipro provided revenue guidance for the June quarter of FY27, projecting figures between $2,597 million and $2,651 million. CEO Srini Pallia highlighted the company's pivot toward an AI-native business model to adapt to changing client priorities. This buyback follows similar actions by industry peer Infosys, reflecting a broader trend among major Indian IT firms to utilize cash reserves for shareholder value enhancement amidst evolving market dynamics.
The Indian Express