Wipro gains after shareholders approve Rs 11,000 cr buyback proposal

Shares of Wipro gained nearly 2% on Thursday in an otherwise weak market after country’s third-largest software services firm said its shareholders have approved the company’s Rs 11,000 crore buyback proposal.

The stock added as much as 1.8% to Rs 297 on the BSE against 0.2% fall in the Nifty IT index.

Last month, the Bengaluru-based firm had said it will purchase up to 34.37 crore shares at Rs 320 ($4.95) per scrip. The total size of the offer will be up to Rs 11,000 crore ($1.7 billion).

“The aforesaid special resolution has been passed through postal ballot and e-voting by members by