Wipro share buyback- Board to mull 5th buyback in 7 years, to announce on 27 April along with Q4FY23 results
时间:2024-06-26 15:45:46 阅读(143)
IT major Wipro is mulling a share buyback, and the board of directors will meet on 27 April to consider the proposal. Wipro will also release its financial results for the quarter ended March 2023 on the same day. “The outcome of the Board meeting will be communicated to the stock exchanges soon after the conclusion of the Board meeting on April 27, 2023,” said the company in a filing with the exchanges. This is the fifth buyback offer by Wipro in the last seven years.Wipro’s share buyback timeline
Wipro announced a share buyback plan of Rs 9,500 crore in October 2020, which ended in January 2021. Up to 237.5 million equity shares were bought back at a price of Rs 400 per equity share. The firm’s promoter, Azim Premji, and other companies tendered 229 million shares which were worth Rs 9,156 crore. Wipro also announced a buyback in 2019, with the offer amount at Rs 10,500 crore and the offer size at 5.35%, with the IT major buying back shares at Rs 325 per share. The firm also did a buyback of shares worth Rs 2,500 crore in 2016 and shares worth Rs 11,000 crore in 2017.
“Q4 is seasonally weak due to fewer working days and some furlough impact in January. In IT services, the company is witnessing incremental pressure due to weak macros among some pockets such as US retail, Technology companies, investment banking, etc, which are likely to impact Q4 revenues. We expect Wipro to report a 30 bps QoQ EBIT margin decline in IT services despite some tailwinds available in terms of moderation of attrition etc on account of weak revenues, lower utilisation, some incremental expenses in terms of facility, etc. The company is also witnessing delay in decision making leading to delay in deal closures as some cautious stance is being taken by clients,” said ICICIdirect in a report, ahead of the IT firm’s Q4FY23 results.
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