The Wipro board of directors on October 13 approved a share buyback plan that would cost the company up to Rs 9,500 crore. The company will buy each share at a price of Rs 400.

The board approved the plan to buy up to 23.75 crore shares from existing investors, Wipro said in a regulatory filing. The buyback offers a 6.7 percent premium to shareholders as of the closing price of Rs 375.20 on October 13.

The buyback size is 4.16 percent of the total paid-up equity share capital of the company. The promoter group will also participate in the buyback.

The Wipro board also approved the company’s results for the July-September quarter on October 13. It reported a profit of Rs 2,465.7 crore in Q2, a quarter-on-quarter increase.

News Source: moneycontrol