Wipro buyback: Azim Premji's trust sells 1.05% stake; shares up marginally
buyback offer. Azim Premji’s firm Zash Traders, Philantropic Initiatives Pvt Ltd and Azim Premji Trust have sold some stake in the recently concluded Wipro buyback. According to BSE filing, Azim Premji's Zash Traders have sold 5,50,51,569 shares, representing 1.05 per cent stake in Wipro.
Prior to the share sale, Zash Traders held, 20.69 per cent stake in the company. Azim Premji Trust fund sold 0.52 per cent stake, i.e., 2,70,83,034 shares in the company. It held 10.18 per cent stake in the company.
Azim Premji Philantropic Initiatives Pvt Ltd sold 7,06,248 shares, i.e., 0.01 per cent stake in the company. Prior to the sale, it held 0.27 per cent stake in the company. Wipro's ₹12,000 crore-share buyback programme has ended up giving double-digit returns to retail investors The record date of Wipro's share buyback, which ran from June 22-30, was June 16.
The share buyback price was fixed at ₹445, while the closing price on the record date was ₹381.30, implying a premium of 16.7 per cent. The Bengaluru-based IT major was supposed to buy back 26.97 crore shares, after which 4.91 per cent of shares of the company will be extinguished. In the just-concluded ₹12,000-crore share buyback programme, Wipro has recorded an acceptance ratio of 77.40 percent among retail participants.
This means that for every 500 stocks surrendered by a retail investor, 387 were accepted for a buyback. Participating investors will get their payment by July 7, reports said, and the unaccepted shares will be returned to shareholders on the same day. Wipro’s past four share buyback offers had seen acceptance ratios within a range of 50-100%.
Read more on livemint.com
