Bulletin: Wipro Ltd. Rating Unaffected By Offer To Repurchase Shares

SINGAPORE (Standard&Poor's) April 21, 2016--Standard&Poor's Ratings Services said today that its rating on Wipro Ltd. (A-/Stable/--) is unaffected by the company's offer to repurchase shares worth Indian rupee (INR) 25 billion. We believe that Wipro will continue to maintain its positive net cash position even if the offer announced on April 20, 2016, is fully subscribed. As of March 31, 2016, Wipro has net cash and cash equivalents of INR107 billion. Meanwhile, Wipro's financial performance for fiscal 2016 (year ended March 31, 2016) is in line with our expectation and supports its financial profile. We expect large Indian information technology companies such as Wipro to continue to generate significant cash flows and return the excess cash

...SINGAPORE (Standard & Poor's) April 21, 2016--Standard & Poor's Ratings Services said today that its rating on Wipro Ltd. (A-/Stable/--) is unaffected by the company's offer to repurchase shares worth Indian rupee (INR) 25 billion. We believe that Wipro will continue to maintain its positive net cash position even if the offer announced on April 20, 2016, is fully subscribed. As of March 31, 2016, Wipro has net cash and cash equivalents of INR107 billion. Meanwhile, Wipro's financial performance for fiscal 2016 (year ended March 31, 2016) is in line with our expectation and supports its financial profile. We expect large Indian information technology companies such as Wipro to continue to generate significant cash flows and return the excess cash to shareholders through various means. We also anticipate that these companies will spend a part of the excess cash on acquisitions to improve their technological reach, supporting their business growth and position. In our view, Wipro will maintain...

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