Wipro to open Rs 11,000 cr share buyback on Nov 29

IT major Wipro Limited has announced that it will launch its Rs 11,000-crore share buyback offer on November 29. Wipro will repurchase up to 343.75 mln fully paid-up equity shares, representing 7.06 percent equity capital of the company, for Rs 320 a unit.

The buyback offer is open to all fully paid-up equity shareholders with a face value of just Rs. 2 each, on a proportionate basis.

Share buybacks help improve earnings per share (EPS) and return surplus cash to shareholders, while also supporting share price during periods of sluggish market conditions