IT major announces Rs 45,500 crore in buybacks in 8 years.

Wipro has announced a buyback worth Rs 45,500 crore, the biggest ever in its history.

The buyback will be conducted over eight years, from 2023 to 2031.

The IT major will buy back up to 23.75 crore equity shares at a price of Rs 1,920 per share.

The buyback price is at a premium of 26% to the current market price of Wipro shares.

The buyback will reduce the number of outstanding shares and increase earnings per share for investors.

The move is aimed at boosting shareholder value and returning surplus cash to investors.

Wipro had earlier completed a buyback worth Rs 9,500 crore in 2019.

The company has also announced a final dividend of Rs 4 per share for FY22.

The buyback and dividend announcement led to a surge in Wipro's stock price. The company's market capitalization has now crossed the Rs 4 trillion mark.

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