IT services giant Wipro Ltd announced on April 23 that its board will consider a proposal to buyback equity shares in the upcoming week. In a filing with the stock exchanges, the Bengaluru-headquartered firm stated that "The Board of Directors of the Company will be considering a proposal to buyback equity shares of the Company and the matters necessary and incidental thereto...at its meeting scheduled to be held over April 26 -27, 2023."
Wipro is set to announce its financial results for the quarter that ended March 31, on the same day as the conclusion of the meeting. Share repurchase, also known as a share buyback or a stock buyback, is the re-acquisition by a company of its own shares, and it provides an alternate and more flexible way of returning money to shareholders. When used in conjunction with increased corporate leverage, buybacks can raise share prices.
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