Wipro To Consider Share Buyback Proposal On 27 April

IT services giant Wipro on Sunday said that its board will consider a proposal to buy back equity shares in the upcoming week. 

In a stock exchange filing, the Bengaluru-headquartered firm stated, "The Board of Directors of the Company will be considering a proposal to buyback equity shares of the Company and the matters necessary and incidental thereto...at its meeting scheduled to be held over April 26 -27, 2023."

Wipro is set to announce its financial results for the quarter that ended March 31, on the same day as the conclusion of the meeting. 

Share repurchase, also known as a share buyback or a stock buyback, is the re-acquisition by a company of its shares. It provides an alternate and more flexible way of returning money to shareholders.

Wipro reported a 2.8 per cent jump in its consolidated net profit in Q3FY23. The company's net profit came in at Rs 3,053 crore compared to Rs 2,969 crore in Q3FY22.

TCS and Infosys, Wipro's rivals, reported Q4 results below estimates, setting a subdued tone for Q4 performance by the IT pack.