IT major Wipro has fixed the record date for its Rs 12,000 crore share buyback as Friday, June 16. Ahead of the record date, the shares of the country’s third-largest software exporter dropped nearly 2% on Thursday. Shares of the IT firm closed at Rs 388.80, 1.93% lower from the previous close price. 

The proposed buyback includes up to 26.97 crore shares of a face value of Rs 2 each through a tender offer at Rs 445 per share, nearly a 15% premium from today’s closing price. 

Today is the last day to buy Wipro shares for investors who want to participate in the share buyback announced by the IT major. About 15% or 4 crore shares in the buyback amounting to Rs 1,800 crore have been reserved for retail investors who hold Wipro shares worth below Rs 2 lakh. 

This is the company’s largest buyback in terms of size. It had previously announced four share buybacks–  Rs 9,500 crore buyback in 2020, Rs 10,500 crore share buyback in 2019, Rs 11,000 crore share buyback in 2017, and Rs 2,500 crore share buyback in 2016.