Wipro (WIT) said late Friday it will repurchase up to 600 million fully paid-up equity shares for an aggregate amount of up to 150 billion rupees ($1.57 billion) and has set June 5 as the record date to determine eligible shareholders.

The shares carry a face value of 2 rupees each and will be bought back at 250 rupees per share, payable in cash, the company said in a filing.