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Wipro will open its Rs.11,000 crore share buyback offer on November 29. It will buyback shares at Rs.320 per share, which is at a premium of 8.6% over the current price.
Wipro in a offer document stated, “The eligible shareholder can tender equity shares in the buyback only during the tendering period which is from Wednesday, November 29, 2017 to Wednesday, December 13, 2017.”
As per the announcement made, Wipro will be processing the buyback through a tender offer route, at a price of Rs.320 per equity share for a total amount of up to Rs 11,000 crore.
Further, the buyback is being managed by JM Financial Institutional Securities and Wipro has announced to buyback over 34.37 crore fully paid-up equity shares of the firm.
