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Press release: Azim Premji transfers Rs. 12300 cr to trust

Date: 
February 25 , 2013

February 22, 2013, Bangalore: Azim Premji, Chairman of the Azim Premji Foundation, announced today that he has transferred 295.5 million equity shares representing 12% of the total shares of Wipro Ltd., held by certain entities controlled by him to an irrevocable trust. With this transfer (valued at approximately Rs 12,300 crores/Rs 123 billion based on current market price), the trust’s shareholding in Wipro will go up to about 19.93% This trust will utilize the endowment to fund, various social, not-for-profit initiatives of the Foundation, which are expected to scale significantly over the next few years.