Wipro to consider share buyback this week

MUMBAI: Software services firm Wipro said it will consider a proposal for share buyback at its two-day board meeting which starts Wednesday. Share buyback is the practice where companies decide to purchase their own shares from their existing shareholders.

"The outcome of the Board meeting will be communicated to the stock exchanges soon after the conclusion of the Board meeting on April 27, 2023," the company informed stock exchanges on Sunday. The quantum of share buyback was however not disclosed in Sunday's stock exchange filing.

Reportedly, Wipro had last completed a Rs 9,500 crore share buyback in January 2021. Further, the company is also likely to announce its earnings results for the fourth quarter and full financial year 2022-23 after the Board meeting.