Wipro Shares Extend Gains for Ninth Consecutive Session, Buyback Record Date Set for June 5

Wipro Shares Surge as Company Launches Rs 15,000 Crore Share Buyback Programme

Wipro shares continued their upward trend for the ninth consecutive session on Tuesday, following the company's announcement of a Rs 15,000 crore share buyback programme. The programme is priced at Rs 250 per share, representing a premium of approximately 21 percent over the stock's previous closing price of Rs 206.84 on the National Stock Exchange (NSE).

The IT services company, headquartered in Bengaluru, has set June 5 as the record date for the buyback. This move comes after the company's board of directors approved the buyback proposal on April 16, authorizing the repurchase of up to 60 crore equity shares, which represents more than 5 percent of the company's equity.

This is Wipro's first share buyback announcement in nearly three years. In contrast, the company's previous buyback programme, which took place in June 2023, saw the repurchase of shares worth Rs 12,000 crore between June 22 and June 30. At that time, Wipro bought back 26.96 crore equity shares, representing 4.91 percent of its total equity, at Rs 445 per share. Adjusting for the 1:1 bonus issue announced in December 2024, the price remains the same.

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Members of the promoter and promoter group have expressed their intention to participate in the proposed buyback programme, as announced by the company earlier. The buyback programme is expected to have a significant impact on the company's stock price, with investors eagerly awaiting the outcome.