On April 27, Wipro’s Board of Directors approved a plan to buy back Rs 12,000 crore worth of equity shares from shareholders. This is a method used by companies to reward their shareholders. The company intends to purchase up to 26,96,62,921 equity shares, which is equivalent to 4.91 percent of the total number of equity shares on a proportionate basis through a tender offer at a price of Rs 445 per equity share. The buyback price represents a premium of nearly 19 percent compared to the last traded price of Wipro. In addition, members of the promoter and promoter group of the company will also participate in the buyback plan.