Indian businessman and founder of Wipro, Azim Premji, has transferred 1.02 crore equity shares of Wipro held by him, which will account for around Rs 480 crore as a ‘gift’ to his two sons, Rishad Premji and Tariq Premji, according to an exchange filing by the company.
The current value of the Wipro scrip stands at Rs 472.9 per share, and at this value approximately, the transferred shares by Azim Premji will account for a whopping Rs 483 crore. The iconic industrialist Azim Premji's son Rishad Premji currently heads Wipro as its Executive Chairman and is a highly prominent face of the IT industry. At the same time, Tariq is vice president of the Azim Premji Endowment Fund - an entity established by Azim Premji to fund his philanthropic initiatives.
"I, Azim H Premji, wish to intimate you that 1,02,30,180 equity shares of Wipro Limited held by me, amounting to 0.20 per cent of the share capital of the company, were transferred to Rishad Azim Premji and Tariq Azim Premji in the form of gift," Wipro filing on Wednesday reads.
These mentioned shares amount to 0.20 per cent of the share capital of Wipro, adding 0.10 per cent each to the sons’ holding in the company.
However, this transaction by the founder of Wipro would not hamper the overall promoter and promoter group shareholding in the company, and the shareholding will remain the same even after the proposed transaction is completed.
In another filing by the IT giant, Rishad Premji informed that 51,15,090 equity shares of Wipro Ltd had been received as a gift from Azim Premji. In addition, a similar announcement was made for Tariq Premji, informing that he has also been gifted 51,15,090 equity shares of Wipro Ltd by his father, Azim Premji.