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Wipro gets Sebi nod for Rs 12,000 crore share buyback, says report

Wipro gets Sebi nod for Rs 12,000 crore share buyback, says report

Wipro gets Sebi nod for Rs 12,000 crore share buyback, says report
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By CNBC-TV18 Apr 10, 2019 9:03:40 AM IST (Updated)

IT major Wipro is set to announce its largest ever buyback of Rs 12,000 crore ($1.7 billion) following the Securities and Exchange Board of India's (Sebi) nod to the proposal, The Times of India reported.

IT major Wipro is set to announce its largest ever buyback of Rs 12,000 crore ($1.7 billion) following the Securities and Exchange Board of India's (Sebi) nod to the proposal, The Times of India reported.

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This will be the third time in three years that the IT firm has got approval t buy back shares. A buyback can be done once in 12 months.
The shares are likely to be bought at Rs 320 a piece, a 17 percent premium to the prevailing share price of Rs 273 on the BSE, the report said, adding that the price is 33 percent higher than the six-month average share price of Rs 240.
The report said there was a lack of clarity on whether the buyback would be launched while a scheme of amalgamation was pending before the National Company Law Tribunal.
The amalgamation scheme relates to Wipro's proposal to merge four of its units — Wipro Technologies Austria, Wipro Information, Wipro Information Technology Austria, NewLogic Technologies SARL an Appirio India Cloud Solutions — with itself.
CNBC-TV18 could not independently verify this report.
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