Wipro Ltd. is set to consider a bonus issue of shares in its upcoming board meeting scheduled for October 17, 2024. The company announced this decision in an exchange filing on October 13, 2024. Alongside the discussion on bonus shares, Wipro will also unveil its second-quarter financial results during the two-day board meeting from October 16-17.
The bonus shares will be issued in accordance with the Companies Act, 2013 and the Securities and Exchange Board of India (SEBI) regulations. This move is expected to boost investor confidence and could increase liquidity by distributing additional shares to existing shareholders.
Wipro’s stock closed 0.66 percent higher on Friday, trading at ₹528.45. The company has had a steady financial performance this year. In its first-quarter results, Wipro reported a 4.6 percent rise in net profit, reaching ₹3,003 crore, despite a 3.8 percent drop in consolidated revenue, which amounted to ₹21,964 crore for the April-June period.
Investors are now keenly watching the outcome of the board meeting, as the potential bonus issue and second-quarter results will significantly impact market sentiment and the stock’s future performance.
