Wipro share buyback: Can buy-now-tender-later trading strategy give smart returns?

Indian IT major Wipro has announced a buyback of up to around 26.97 crore shares at INR 445 ($6.05) per share as part of plans to extinguish about 4.91% of its total share issuance. The tender offer will be worth INR 12,000 crore ($1.62bn) and will be open from the end of June. Wipro is conducting a remote e-voting of shareholders to seek buyback deal approval, with the result set to be declared on 3 June, followed by the release of the buyback timeline.