Wipro Limited (NYSE:WIT) informed shareholders and holders of American Depositary Shares this week that it has dispatched a notice of postal ballot regarding a proposed buyback of equity shares. The notice, which was approved by the company’s board of directors on April 16, was sent to equity shareholders and American Depositary Receipt holders on Tuesday.
According to a statement released through a SEC filing, the notice seeks shareholder approval for the buyback resolution. Wipro coordinated with JPMorgan Chase Bank, N.A., the depositary for its American Depositary Receipts, to distribute proxy cards to registered holders of ADSs. The company also made available related materials and tax disclosures on its website.
Wipro notified the securities exchanges in India and the New York Stock Exchange about the dispatch of the notice and published an advertisement in Indian newspapers confirming completion of the process. The company stated that the materials include an explanatory statement outlining the facts and reasons for the proposed buyback.
The information in this article is based on a press release statement included in Wipro’s SEC filing. No further details regarding the terms or size of the buyback were disclosed in the filing.
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