Update June 27, 2023: Following the revision in trading holiday on account of Bakri-Eid from June 28, 2023, to June 29, 2023. The closing date for Wipro buyback has been extended to June 30, 2023. The date for credit of payment for accepted shares/credit of unaccepted shares to demat account has been revised to July 7, 2023. You can check the exchange announcement here.
The board of Wipro in its meeting held on April 27, 2023, had approved buyback of 26.96 crore equity shares aggregating up to Rs. 12,000 crore at Rs. 445 per share.
The company has fixed June 16, 2023, as the record date to determine the shareholders who will be eligible for the buyback. You can check the announcement from the company here.
You will be eligible for buyback if you have bought shares on or before June 15, 2023, the ex-date is June 16, 2023.
How do I apply for the Wipro buyback?
The Wipro buyback tender window will open on June 22, 2023 and close on June 29, 2023. You can tender the shares during this period via Console. You can check out the process here.
Buyback Schedule
| Event | Date |
|---|---|
| Buyback Opening Date | June 22, 2023 |
| Buyback Closing Date | June 30, 2023 |
| Credit of payment for accepted shares/credit of unaccepted shares to demat account | July 4, 2023 |
What are the categories in which I can tender shares in buyback?
There are two categories Retail and General through which one can tender shares in the buyback. The value of shares held in the demat account by June 16, 2023 (record date) end-of-the-day will determine the category through which one will be eligible to apply.
All shareholders holding shares worth Rs. 200,000 or less will be considered under the Retail category. While those holding shares worth more than Rs. 200,000 will be considered under the General category.
| Entitlement Ratio | |
|---|---|
| Retail Category | 62 share for every 265 shares held on record date |
| General Category | 26 share for every 603 shares held on record date |
You can check out more details here.
I’ve pledged shares of Wipro, will I be eligible for buyback?
Yes, even if the shares are pledged, you are eligible for all corporate action benefits. However, you will have to unpledge the shares before buyback order window closing date to tender them in the buyback.
Do I need to submit POA to tender shares in buyback?
POA is not needed to tender shares in the buyback. You can apply for buyback by authorizing CDSL TPIN and OTP.
I had sold Wipro shares after the record date, can I still take part in buyback?
Yes, as you were holding the shares on record date you are eligible. You can buy the shares back and tender them in the buyback.
Can I tender more shares than I’m entitled for?
If you tender more shares than your entitlement, whether these additional shares will be accepted for buyback or not will solely depend on the acceptance ratio decided by the company. The share which are not accepted will be credited back to your demat account by the RTA.
