Premji transfers Rs 12,300 cr Wipro stock to trust
Press Trust of India: Bangalore, Feb 23 2013, 00:42 IST
Wipro chairman Azim Premji on Friday said that he has transferred 295.5 million equity shares, representing 12 per cent of the total shares of the company, held by certain entities controlled by him, to an irrevocable trust.
With this transfer, valued at Rs 12,300 crore, the trust’s shareholding in Wipro will go up to 19.93 per cent.
The trust will utilise the endowment to fund various social, not-for-profit initiatives of the Azim Premji Foundation, which are expected to scale significantly over the next few years, Wipro said. The foundation started in 2001, works with the aim of collaborating with various state governments to improve the public schooling system.
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