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Shares of Wipro jumped as much as 1.6 per cent intraday on Wednesday as the IT major kicked off its mega Rs 11,000-crore share buyback plan.
After opening strong at Rs 296.45 against the previous close of Rs 294, the scrip touched an intraday high of Rs 298.80 and a low of Rs 293.45. In terms of equity volume, 1.16 lakh shares exchanged hands on the BSE.
Wipro shares ended the session up by 1.33 per cent at Rs 297.90.
Wipro is looking to buy back up to 34.375 crore fully paid-up equity shares at Rs 320 apiece on a proportionate basis through the tender offer route. The buyback represents 7.06 per cent of the total paid-up share capital.
Shareholders whose name appeared as of September 14 were eligible to participate in the buyback. The buyback will close on December 13.
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