Wipro extended the last date of its buyback program, now the company will buyback till this day
IT giant Wipro has extended the closing date of its Rs 12000 crore buyback offer from June 29 to June 30. SEBI had given its approval to the company yesterday i.e. on 27th June. The total amount of the buyback shall not exceed Rs 12000 crore at a price of Rs 445 per equity share. At the same time, the company has fixed July 4 as the last date for verification by the registrar.
The Weekly Mail Post 
IT company Wipro has changed the last date of its Rs 12,000 crore share buyback. The company has extended the last date from June 29 to June 30. Market regulator SEBI had approved Wipro to extend the last date of buyback on June 27 yesterday.
How many shares will be buyback?
The company's board had approved the buyback proposal of up to 26,96,62,921 equity shares, constituting 4.91 percent of the total paid-up equity shares for an aggregate amount not exceeding Rs 12,000 crore at a price of Rs 445 per equity share .
Because of this the last date has been extended
As per rules, it is necessary to keep the buyback open for 5 working days. Wipro had opened the buyback on June 22, which according to the rule was to be closed tomorrow i.e. June 29, but yesterday the stock market is closed due to Bakrid festival, due to which Wipro has extended the last date to June 30.
When is the last date for verification?
After the buyback is over, July 4 has been fixed as the last date for verification by the registrar for the buyback of Wipro. Further, the date for acceptance/non-acceptance of tendered equity shares by the registrar to the stock exchanges has been fixed as July 6.
At the same time, July 7 has been fixed as the last date for disposal of bids. Where return of equity shares inadmissible to eligible shareholders/stock brokers; The consideration will be paid to the eligible shareholders participating in the Buyback Offer.
What will the company do with the buyback?
Through the buyback, Wipro will be able to pass on surplus cash to shareholders holding its equity shares in proportion to their shareholding, thereby enhancing the total return to shareholders.
Also, the buyback will help Wipro improve financial ratios such as earnings per share and return on equity by reducing its equity base.
A look at the company's stock
On Wednesday, June 28, the shares of the company are trading on the red mark till the news is written. The company's shares are trading at Rs 381, down 0.17 percent on the NSE.
