Wipro share price on Monday jumped 3.5 per cent as its Rs 9,500 crore buyback offer is slated close today. The company’s buyback offer received an overwhelming response from investors on Friday and was subscribed 326.45 per cent.

Meanwhile, the board of directors of Wipro will meet on January 13, 2021, to consider and approve the audited financial results of the company for the quarter ended December 31, 2020 (Q3FY21). The board will also consider the declaration of interim dividend, if any, for the financial year 2020-21, it reportedly said.

At 11.00 am on Monday, Wipro shares were trading up 4.08 per cent at Rs 447.70 on the Bombay Stock Exchange.

The firm, which proposed to buyback 23.75 crore shares at Rs 400 a share, has received bids for 77.53 crore shares. The buyback began on December 29, 2020.

According to the offer document, the promoter and promoter group entities had expressed their intention to tender up to 4.14 crore shares. The buyback, under the tender offer route, is open to all eligible shareholders, as on the record date of December 11, 2020, Wipro has said.

In its letter of offer, Wipro said, members of the Promoter and Promoter Group have expressed their intention vide their letters dated October 13, 2020, to participate in the Buyback and may tender up to an aggregate maximum number of 4,14,54,12,501 Equity Shares or such lower number of shares in accordance with the provisions of the Buyback Regulations/terms of the Buyback.

At present, the Promoter and Promoter Group hold 4,22,99,45,033 equity shares or 74.01% of the Equity Shares in the total outstanding equity share capital of Wipro.

Of the total shareholding, Azim H Premji is the largest shareholder with 23,68,15,234 equity shares or 4.14% in Wipro.

Last year, Wipro had undertaken a buyback programme of 32.31 crore shares at Rs 325 apiece, amounting to about Rs 10,500 crore. Previously, it had announced a buyback worth Rs 11,000 crore in 2017, and Rs 2,500 crore in the year 2016.

(To receive our E-paper on whatsapp daily, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

Free Press Journal