Wipro declared 1:1 bonus.
Who all are eligible for this bonus? Can I still buy a share of wipro today and be eligible for the bonus?
Will the stock price divide by half if bonus is applied? How does the bonus work?
Advantages and disadvantages if any?
Anyone who holds Wipro shares before the record data is eligible for the recently announced bonus. As of now, the circular is not out, hence we would not know when the record date is. But, yeah…you can buy Wipro now and be entitled for the bonus shares.
I;d suggest you read this chapter on how bonus works along with other corporate actions - http://zerodha.com/varsity/chapter/five-corporate-actions-and-its-impact-on-stock-prices/