On Tuesday the Indian multinational corporation, Wipro is providing solutions in the field of information technology , business process, consulting, board on and approved a buyback share of worth Rs.9,500 crore.
The company is going to repurchase 23.75 crore shares at cost price of Rs.400 per share, according to The Economic Times . The multinational company is headquartered in Bangalore, Karnataka, India. The company was back in the year 2013 and separated its non-IT businesses and formed their private owned Wipro enterprises.
The company had announced that the Wipro’s profit rose by 3 percent in the month of July-September quarter. The IT service gross the revenue of 1.4 per cent to Rs.15,110 crore while revenue from IT services also cascaded by 3.7 per cent to $1,992.4 million.
The Board of Wipro said on Wednesday that the development has come after Wipro and was considering a buyback plan on October 13th. The announcement came on a day when larger rival Tata Consultancy Services Board cleared it up to Rs.16,000 crore buyback plan.