Wipro ADS holders need to become direct shareholders to participate in Rs 10,500 cr-buyback

New Delhi: IT major Wipro on Wednesday said its ADS holders can participate in Rs 10,500 crore-buyback programme by becoming direct shareholders prior to the record date of 21 June.

Earlier this week, Wipro had announced 21 June as the record date for its buyback programme.

"In order for a holder of ADS' (American Depositary Shares) to participate in the buyback, such holder will need to become a direct shareholder of the company prior to the Record Date," Wipro said in a BSE filing.

 Wipro ADS holders need to become direct shareholders to participate in Rs 10,500 cr-buyback

File image of Wipro campus in Bengaluru. Reuers

It further stated that "to have the chance to become a direct shareholder of the company prior to the record date", holders will need to submit their ADS' for cancellation and withdrawing the underlying equity shares before noon of 17 June, 2019.

The company's ADS, each representing one equity share, are traded on the US on the New York Stock Exchange.

Wipro said its board and shareholders have approved the proposal to buyback up to 32.3 crore shares at a price of Rs 325 apiece on a proportionate basis through the tender offer process.

The buyback size constitutes 23.03 percent of the aggregate of fully paid-up equity share capital and free reserves of the company as per its audited standalone balance sheet as on 31 March, 2019, it added.

"The buyback will be conducted on a proportionate basis through the tender offer route ... from all holders of Equity Shares who hold equity shares as of 21 June, 2019, the record date for the buyback (the Record Date)," it added.

Updated Date: Jun 05, 2019 18:27:39 IST