Sebi norms: Premji hints at stake sale

 Wipro Chairman Azim H Premji on Friday said that if the company is unable to comply with market regulator Sebi guideline of 75 per cent promoter shareholding after the demerger process, he will sell stake to ensure compliance.

Promoters held 78.29 per cent of the share equital as on December 31, 2012, based on the statement filed by the company with the stock exchanges on Friday. Premji, along with his wife Yasmeen and sons Rishad and Tariq held 9,54,19,432 shares as individuals, representing 3.87 per cent, while partnership firms and trusts of promoters held 73.95 per cent. 

Premji said: “It depends on the interpretation of Sebi eventually. If they interpret we have positioned in our applications, it could bring it down to 75 per cent after taking into account the demerger and some other steps we are taking, including some other additions that we have proposed, including the ADRs as part of the public float. We are confident that they (Sebi) will be sympathetic to us. If that does not happen, we will sell a small stake.”

Sebi norms mandate that promoter shareholding of listed companies should be brought down to 75 per cent by June 2013.

Stock down 8 per cent

The third quarter results of the two Bangalore-based IT companies – Infosys and Wipro – represented a contrast on the markets. While Infosys share soared 16.90 per cent last Friday, Wipro share plunged almost 8 per cent this Friday on declaration of results.

It was the top loser among Sensex shares on the Bombay Stock Exchange (BSE), even though the benchmark index went up 75 points. The declaration of Rs 2 interim dividend by the company did not have any impact on the share price.

Though the share opened at Rs 437.30 in the pre-trade session, up from its previous close of Rs 431.70, it witnessed a free fall and closed at Rs 397.15 on the BSE, a decline of Rs 33.95, or 7.88 per cent. The trading volume was high at 11.95 lakh shares compared to six-monthly average volume of 2.84 lakh shares. The market capitalisation was Rs 1,06,156 crore.