Wipro Enterprises gets nod for share capital reduction

The company, which was demerged from the flagship firm Wipro in 2012, had called the EGM to reduce its share capital to Rs 476.14 crore from Rs 492.32 crore

Azim Premji-owned Wipro Enterprises Limited today secured its shareholders' approval to a proposal to reduce share capital to provide an exit option to non-promoter shareholders. "The resolution for capital reduction was passed with an overwhelming majority in the Extraordinary General Meeting of Wipro Enterprises Limited (WEL)," a company statement said late tonight.

It said "However, some of the shareholders who were present in the EGM expressed that they have been holders for generations and possess a sentimental attachment to the company and would like to continue holding the stock." The company, which was demerged from the flagship firm Wipro in 2012, had called the EGM to reduce its share capital to Rs 476.14 crore from Rs 492.32 crore.

Stating that WEL expressed immense gratitude for the trust these shareholders repose in the company and for the faith in its management, the statement said "The company assured the shareholders that their sentiments will be addressed by following the due process of law."

Wipro stock price

On January 14, 2015, at 09:24 hrs Wipro was quoting at Rs 568.65, up Rs 5.80, or 1.03 percent. The 52-week high of the share was Rs 621.50 and the 52-week low was Rs 475.35.

The company's trailing 12-month (TTM) EPS was at Rs 34.27 per share as per the quarter ended September 2014. The stock's price-to-earnings (P/E) ratio was 16.59. The latest book value of the company is Rs 118.91 per share. At current value, the price-to-book value of the company is 4.78.

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Wipro Enterprises gets nod for share capital reduction

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