Wipro Shares Surge on Reports of Buyback regulatory approval
Wipro share price rose about 3 percent on Wednesday on BSE and NSE on reports that the IT major is set to announce its largest buyback ever worth Rs 12,000-Crore. As per media reports, Wipro Ltd is expected to buy-back shares at Rs320 per share, i.e, at a 17pc premium to its previous close of Rs273.45 on BSE. It also reports that the market regulator Sebi has approved the buy-back programme. The report also said, there is want of clarity on whether a buyback would come to pass considering that a merger scheme is pending with the NCLT. The Wipro is reportedly eyeing to amalgamate its four subsidiaries viz, Wipro Information Technology Austria, Wipro Technologies Austria, New Logic Technologies-SARL and Appirio India Cloud Solutions with itself. During first afternoon hours of trade, Wipro share price quoted at Rs.280.80 per share up by Rs.7 or 2.56% on the NSE with Nifty at 11601, down 70 points. At the same time on the BSE, Wipro quoted at Rs.281.45 up by Rs.8 or 2.93% with Sensex at 38,649-mark, down 289 points at 2.20pm, Wednesday. Read the full article