Wipro sets record date for share buyback: Company to buy shares worth Rs 12,000 crore at Rs 445 per share

IT giant Wipro has announced a record date for its Rs 12,000 crore share buyback. In the exchange filing, Wipro has informed about fixing the record date of June 16 for the buyback. With the fourth quarter results, Wipro's board approved the share buyback a month ago.
The company's board had also approved the buyback of 26.97 crore shares, which is 4.91% of the company's total shares. Wipro has fixed a price of Rs 445/share for this buyback. Wipro Total will spend Rs 12,000 crore on this buyback.
On April 27, when the buyback was announced along with the company's results, Wipro's stock closed at Rs 374.35. That is, the buyback was announced at a premium of 18.87% from closing. On the other hand, on Monday (June 5), Wipro shares closed at 404.55 on BSE, down 0.099%.
Wipro's Q4FY23 ie fourth quarter (January-March) consolidated net profit year-on-year (YoY) declined by 0.4% to Rs 3,075 crore. The company registered a net profit of Rs 3,087 crore in the same quarter last year.
In the previous quarter i.e. Q3FY23, Wipro had a net profit of Rs 3,053 crore. Accordingly, there has been a slight increase in net profit in the fourth quarter compared to the third quarter.
The company's consolidated revenue from operations in Q4 grew by 11.2% to Rs 23,190 crore. It was Rs 20,860 crore in the same period of the last financial year. In the previous quarter i.e. Q3FY23, Wipro's revenue was Rs 23,229 crore.