Wipro posted a consolidated net profit of INR 3,074.5 crore in Q4FY23, slightly lower than last year’s results.
Consolidated revenue from operations came in at INR 23,190.3 crore in Q4FY23, registering a growth of 11.2% from INR 20,860 crore last year.
Revenue however is marginally down from INR 23,229 crore in the December 2023 quarter.
The Board of Directors at Wipro approved buyback of equity shares worth INR 12,000 crore.
Wipro plans to buy up to 26,96,62,921 equity shares, 4.91 percent of the total equity on a proportionate basis by way of a tender offer at a price of INR 445 per share.
This makes the buyback price at a premium of nearly 19 percent to the last-traded share price.
Members of the promoter and promoter group of the company will also be participating in the proposed buyback, which is subject to approval of shareholders by way of a special resolution through a ballot.
Interestingly, the buyback price of INR 445 is far below the 52-week high price of INR 530.
The current share price on the BSE at last closing was INR 374.35.
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