Azim Premji raises philanthropic commitment; earmarks additional shares of Wipro worth Rs 52,750 crore

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Published: March 13, 2019 5:55:40 PM

Shares of Wipro ended the day at Rs 257.75 on Wednesday, down 1.34 percent on the BSE from its previous closing.

Azim Premji, promoter of IT major Wipro, on Wednesday, earmarked nearly 34% of the shares in Wipro worth Rs 52,750 crore held through certain entities controlled by him to Azim Premji Foundation. It is in addition to the previous donations made to philanthropy, which included Wipro’s shares and other assets owned by him, Wipro said in a regulatory filing.

“With  this action,  the total value  of the philanthropic  endowment corpus contributed by Mr.  Premji is -1NR 1,45,000 Crores (-uso 21 billion), which includes 67% of economic ownership of  Wipro Limited”, the company said.

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“The foundation’s field strategy focuses on creating and scaling up a network of institutions at the District and State levels, to contribute to improvement in the school education system on a continued and sustained basis,” it said.

Shares of Wipro ended the day at Rs 257.75 on Wednesday, down 1.34 percent on the BSE from its previous closing.

Meanwhile, Wipro had reported a 30 per cent YoY jump in its net profit at Rs 2,510.4 crore for October-December quarter of FY19. The company had posted PAT of Rs 1,931 crore in the year-ago quarter. On sequential basis, the figures grew around 33 per cent.

The company had also announced one bonus shares for every three held. The company’s board also declared an interim dividend of nearly Re 1 (US$ 0.01) per equity share and ADR (50 per cent on an equity share of par value on 2).

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