1. Azim Premji led Wipro raises stake to 26 per cent in US based IT consulting firm Drivestream

Azim Premji led Wipro raises stake to 26 per cent in US based IT consulting firm Drivestream

Azim Premji-owned Wipro has invested $809,690 (about Rs 5.12 crore) in Washington, DC, based management and IT consulting firm Drivestream.

By: | Updated: June 14, 2017 7:04 PM
Azim Premji led Wipro, wipro acquires 26 per cent stake in US based IT consulting firm,  Drivestream, Azim Premji, US based IT consulting firm  Drivestream, Oracle-based cloud services Azim Premji-owned Wipro has invested 9,690 (about Rs 5.12 crore) in Washington, DC, based management and IT consulting firm Drivestream. (Reuters)

Azim Premji-owned Wipro has invested $809,690 (about Rs 5.12 crore) in Washington, DC, based management and IT consulting firm Drivestream. Wipro, country’s third largest software services firm, will acquire 19,679 preferred stocks and 27,865 common stocks, Wipro said in a BSE filing. A Press Trust of India report said that Wipro now holds 26.1 per cent share in Drivestream (on a fully diluted basis). The company is privately held and has a workforce of around 73 employees in the US. Its revenue stood at USD 20.5 million in 2016. The company was founded by Indian-origin entrepreneur D Gopal Krishna in 2002 and has delivery centres in the US and in Chennai. Drivestream, headquartered in Washington, DC, provides Oracle-based cloud services across sectors ranging from insurance, healthcare to telecom and lists several Fortune 500 companies as its customers. Earlier on Monday, Wipro made headlines as its ADRs fell over 47 percent to $10.45 in pre-market trading on the New York Stock Exchange on Sunday. The downfall came as result of news about company fixing the record date for bonus share issue in India. Wipro, however, quickly initiated damage control, clarifying that the dates for bonus payout in American ADRs are yet to be finalised. “The company felt that it was important to clarify to the market that the payable date and ex-dividend date for its ADR (American Depository Receipts) bonus issue, or stock dividend, are yet to be determined,” Wipro said in a filing to the exchanges.

As per Wipro, at NYSE, for ADR stock dividends or bonus issue, the ex-dividend date is set as the first business day after the stock dividend is paid, which is also after the record date. Therefore NYSE has not yet declared an ex-dividend date for Wipro’s ADR program. Once the payable date is declared NYSE will announce the ex-dividend date for the ADR,” the filing said.

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