Premji moves Rs 12.3 k cr in shares to Foundation

Premji moves Rs 12.3 k cr in shares to Foundation

Within three days of his assurance to give the Azim Premji Foundation more funds for philanthropic activities, the Wipro chairman on Friday announced the transfer of 295.5 million equity Wipro shares worth Rs 12,300 crore held by certain entities controlled by him, to an irrevocable trust.

The trust will utilise the endowment to fund, various social, not-for-profit initiatives of Azim Premji Foundation, which are expected to scale significantly over the next few years, the statement said.

With this transfer, the trust’s shareholding in Wipro will go up to about 19.93 per cent, according to a statement issued by the Foundation here. The 295.5 million shares of Wipro Ltd represent around 12 per cent stake.

Azim Premji is also chairman of Azim Premji Foundation.

The business tycoon had donated 8.7 per cent of the total stock of Wipro from his personal stock holding for philanthropy in 2010.

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