Azim Premji is the founder of IT sector giant Wipro. Yesterday, Wipro founder gifted shares worth Rs 500 crore to his two sons. The company has given this information in its regulatory filing.
According to stock exchange filings, Azim Premji has gifted shares worth Rs 500 crore to his two sons (Rishad Premji and Tariq Premji).
He has gifted approximately 10.2 million shares to Rishad and Tariq. That means 51,15,090 shares were given to each son. This is 0.02 percent of the share capital of the company.
Let us tell you that Rishad Premji is the chairman of Wipro. Whereas, Tariq Premji is the Vice President in Azim Premji Endowment Fund. Azim Premji Endowment Fund is a fund to fund philanthropic aspects. Tariq Premji is now a member of the board of Azim Premji Foundation and Azim Premji Endowment Fund.
Who has what share?
After the gift given by Azim Premji, Azim Premji’s family holds 4.4 percent stake in the company. In which Azim Premji has 4.3 percent stake. His wife Yasmin Premji holds 0.05 percent stake and his two sons hold 0.03 percent stake.
Let us tell you that this share transaction will not have any impact on the promoter and promoter group of the company. This share transaction has taken place within the group, hence it will not have any impact on the promoter.
On Wednesday, Wipro shares closed at Rs 478.75 per share, up 8.85 points.
