MUMBAI (NewsRise) -- Wipro, India's third-largest software exporter, Thursday said it will buy back shares worth up to 110 billion rupees ($1.71 billion), becoming the latest outsourcing company rushing to reward investors.
Wipro's board has approved purchase of up to 343.75 million shares at 320 rupees apiece, the Mumbai- and New York-listed software exporter said in a statement. The company, controlled by billionaire Azim Premji, also reported a better-than-expected first-quarter profit, but warned that its revenue may sequentially decline 0.5% or at best expand 1.5% in July-September.
