Wipro Q2 net profit declines 3%, announces Rs.9,500 Crore share buyback plan

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Bangalore: The Board of Directors of IT services company Wipro on Tuesday approved a Rs. 9,500 crore share buyback proposal. As per the proposal, the Bangalore headquartered company will buy 23.75 crore shares at Rs.400 per equity share.

“..The Board of Directors of Wipro Limited at its meeting held on October 13, 2020 has approved a proposal to buyback up to 23 Crores 75 Lakhs only of the Company for an aggregate amount not exceeding Rs. 9500 Crore being 4.16% of the total paid-up equity share capital, at a price of Rs. 400/- (Rupees Four Hundred only) per equity share” Wipro said in regulatory filing.

The company has reported 3.4 per cent YoY drop in its consolidated net profit at Rs.2465.70 Crore in the July-September quarter. Its consolidated revenue dropped marginally by 0.1 per cent YoY to Rs. 15,114.50 crore.

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