Azim Premji sells $1 billion shares of Wipro
Highlights
- Premji, who stepped down as chairman of the company at the end of July, sold 226 million shares at Rs 325 apiece
- He sold some of his personal holdings as also shares in other privately held companies such as Zash Traders, Hasham Traders and Prazim Traders
Wipro founder Azim Premji (File photo)BENGALURU: Azim Premji and other promoter groups have sold shares worth about $1 billion in Wipro’s buyback exercise, the company said in a filing with the BSE. Premji, who stepped down as chairman of the company at the end of July, sold 226 million shares at Rs 325 apiece.
He sold some of his personal holdings as also shares in other privately held companies such as Zash Traders, Hasham Traders and Prazim Traders.
The founder of India’s fourth-largest software services company has pledged 67% of the shareholding in the company to his foundation, which focuses on education-focused philanthropic activities.
It is not clear how Premji intends to use the gains from the buyback.
“Wipro cannot comment on the end use of the funds received under buyback by promoter entities,” the company said in a statement.
He sold some of his personal holdings as also shares in other privately held companies such as Zash Traders, Hasham Traders and Prazim Traders.
The founder of India’s fourth-largest software services company has pledged 67% of the shareholding in the company to his foundation, which focuses on education-focused philanthropic activities.
It is not clear how Premji intends to use the gains from the buyback.
“Wipro cannot comment on the end use of the funds received under buyback by promoter entities,” the company said in a statement.
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