The ₹9,500-crore buyback offer from Wipro to end on January 11 received overwhelming response from investors on Friday; it was under-subscribed till Thursday. The buyback, which began on December 29, 2020, has been subscribed 326.45 per cent.
Wipro, which proposed to buyback 23.75 crore shares at ₹400 a share, has received bids for 77.53 crore shares.
According to the offer document, the promoter and promoter group entities had expressed their intention to tender up to 4.14 crore shares. The buyback, under the tender offer route, is open to all eligible shareholders, as on the record date of December 11, 2020.
Meanwhile, the stock of Wipro jumped 5.75 per cent at ₹430.15 on the BSE.