IT firm Wipro on Sunday said its board of directors will consider the issue of bonus shares at a meeting scheduled to be held on October 16-17, 2024.

Wipro is set to announce its Q2 FY25 results on October 17, 2024.

“The board of directors of the company will be considering a proposal for the issue of bonus shares, in accordance with the applicable provisions of the Companies Act, 2013 (including the rules and regulations framed thereunder), the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, at its meeting scheduled to be held over October 16-17, 2024,” a regulatory filing said.

The Bengaluru-headquartered firm posted a 4.6 per cent year-on-year increase in its consolidated net profit in the June-ended quarter at ₹3,003.2 crore. Its revenue declined 3.8 per cent to ₹21,963.8 crore.

Wipro CEO and MD Srini Pallia had said that the firm is “confident” in its ability to execute better on bookings and profitable growth in Q2, while it continues to build on ai360 strategy and prepare its workforce for an AI-first future.

Shares of Wipro settled at ₹528.95 on Friday on the BSE, 0.77 per cent higher than the previous close.

Earlier this month, Wipro said it has incorporated a subsidiary to invest in IT consultancy and services business in the United States.

The wholly-owned subsidiary came into effect from September 30, 2024, according to a regulatory filing.

“...it is informed that Wipro, Inc. has been incorporated as a wholly-owned subsidiary of Wipro Limited (the “Company”) with effect from September 30, 2024. The Company received intimation to this effect on October 4, 2024...

“...To explore new business opportunities and investments in the areas of information technology consulting and services.,” the filing said.

PTI