Wipro: Buyback, deal win boosts prospect

Wipro: Buyback, deal win boosts prospect

Share price of Wipro gained 3% on Wednesday after the IT major said its up to Rs 9,500-crore share buyback programme will commence on December 29 and close on January 11, 2021.
Last month, shareholders had approved Wipro’s buyback plan for the purchase of up to 23.75 crore equity shares at Rs 400 per share, aggregating to an amount of up to Rs 9,500 crore.
The buyback offer commenced on December 18 and is slated to close on January 1, 2021.
Meanwhile, Wipro has signed a $700 million deal with Metro AG that will see over 1,300 staff of the German wholesaler move to the Indian firm.
The estimated deal value for the duration of the first 5 years is approximately $700 million. With the intention to extend up to 4 additional years, it can be a potential spend of up to $1 billion.
Through this partnership, more than 1,300 employees across Germany, Romania and India will transfer to Wipro, providing them with new opportunities to advance their careers, access innovation, work with leading digital technologies and adopt new ways of working that enable agility, speed and scale in engineering.

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