WIPRO LTD. - Board approves Buy-back on Equity Shares
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| 20 Jul 2017 | |
| Wipro Ltd has now informed BSE that the Board of Directors of the Company at its meeting held on July 20, 2017, has approved a proposal to buyback up to 34,37,50,000 Equity Shares (Thirty Four Crores Thirty Seven Lakhs and Fifty Thousand Only) of the Company for an aggregate amount not exceeding Rs. 1,10,00,00,00,000/- (Rupees Eleven Thousand Crores Only) (hereinafter referred to as the Buyback Size), being 7.06% of the total paid up equity share capital, at Rs. 320/- (Rupees Three Hundred and Twenty only) per Equity Share (hereinafter Buyback Price and such buyback, the Buyback). The Buyback is proposed to be made from all existing shareholders of the Company (including persons who become shareholders by cancelling American Depository Receipts and receiving underlying Equity Shares) as on the record date on a proportionate basis under the tender offer route in accordance with the provisions contained in the Securities and Exchange Board of India (Buy Back of Securities) Regulations, 1998 (Buyback Regulations) and the Companies Act, 2013 and rules made thereunder. The Buyback Size does not include transaction costs viz. brokerage, applicable taxes such as securities transaction tax, GST, stamp duty, any expenses incurred or to be incurred for the Buyback like filing fees payable to the Securities and Exchange Board of India, advisors fees, public announcement publication expenses, printing and dispatch expenses and other incidental and related expenses.<BR><BR>Members of the promoter and promoter group of the Company have indicated their intention to participate in the proposed Buyback.<BR><BR>The proposed Buyback is subject to approval of shareholders by way of a special resolution through a postal ballot. The process, timelines and other requisite details with regard to the postal ballot will be communicated in due course.<BR><BR>The record date for the proposed Buyback will be determined in due course. The public announcement setting out the process, timelines and other requisite details will be released in due course in accordance with the Buyback Regulations.<BR><BR>The Company has formed a committee to oversee and implement the Buyback and to do all such acts, deeds, matters and things as it may, in its absolute discretion, deem necessary, expedient, usual or proper in connection with the proposed Buyback. | |
| View all announcements for WIPRO LTD. | Source: BSE India |
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