Wipro buyback ends with 3.4 times shares tendered in Rs 11,000 crore offer; Infosys offer closes tomorrow
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The mega share buyback of India’s third-largest IT company Wipro concluded with a huge participation on Wednesday. Against buyback offer of 34.37 crore shares, about 3.4 times shares were tendered by investors in the two-week long share repurchase from 29 November to 13 December. Wipro’s latest buyback offer followed its another large share buyback of Rs 2,500 crore that was exercised in May 2016. Rs 11,000 crore share repurchase of Wipro which is also India’s third-largest was managed by JM Financial Institutional Securities.
Wipro offered to repurchase about 34.37 crore shares at a floor price of Rs 320 per equity share. Against the size of 34.37 crore shares, about 116.41 crore shares have been tendered by the investors all across, implying 3.39 time of the total offer, according to the data available with stock exchanges. Shares of Wipro have lost about 2.59% to Rs 287.2 in the two week period of the buyback. According to Wednesday’s closing price of Rs 287.2, the floor price of Rs 320 was still at a premium of 11.42%.
Meanwhile, another major share repurchase of India’s second largest IT company Infosys which started a day after of Wipro’s on 30 November is all set to end tomorrow, 14 December. With a day still left for investors to extend Infosys shares, about 45.89 crore shares have already been tendered against the offer size of 11.3 crore shares, implying 4.06 times of the total size of Rs 13,000 crore. Infosys’ buyback is the second-largest share repurchase in the history of Indian stock markets. Infosys share repurchase is managed by Kotak Mahindra Capital Company and JPMorgan India.
Infosys’ share buyback is first in the company’s 36-year long history. Infosys would be purchasing back 4.92% of its equity. Infosys’ huge share buyback offer is just shy of the biggest IPO (initial public offering) in India worth Rs 15,200 crore by Coal India Ltd in 2010. Earlier in May 2017, India’s largest share buyback to date was offered by the country’s largest IT company — Tata Consultancy Services.
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