Wipro, India’s third-largest outsourcer, may announce another share buyback this quarter subject to regulatory approval and NCLT’s decision on the merger of four of its business with the outsourcer, the Times of India reported citing market participants.
Worth mentioning here that Wipro is coming off the one-year moratorium for a share buyback. Wipro had announced the last buyback in November-December 2017. Share buybacks are allowed only once in 12 months.
“Wipro has sold off underperforming assets in its infrastructure business, worked through some poor contracts and is looking to follow the path other Indian IT firms have trodden by returning cash to shareholders through a share repurchase programme,” Peter Bendor-Samuel, CEO of IT advisory Everest Group told the publication.