Wipro founder Azim Premji gifted shares worth Rs 500 crore to his sons know now how much stake is left in the company
Wipro founder Azim Premji has gifted shares worth Rs 00 crore to his two sons. This means that he has gifted approximately 0.2 million shares. That means 5115090 shares were given to each son. This is 0.02 per cent of the share capital of the company. After this, Azim Premji holds a 4.3 per cent stake in the company.
Azim Premji founded the massive IT company Wipro. The founder of Wipro gave his two sons shares yesterday that are valued at Rs 500 crore. This information is provided by the company in its regulatory filing.
Azim Premji gave his two sons, Rishad and Tariq, shares valued at Rs 500 crore, according to stock exchange documents.
About 10.2 million shares have been given to Tariq and Rishad by him. That indicates that each son received 51,15,090 shares. This represents 0.02% of the company's share capital.
Wipro's chairman is Rishad Premji. On the other hand, Tariq Premji serves as the Azim Premji Endowment Fund's vice president. The Azim Premji Endowment Fund was established to finance charitable endeavours. The board of the Azim Premji Foundation and Azim Premji Endowment Fund now includes Tariq Premji.
Following Azim Premji's contribution, the family of Azim Premji now owns 4.4% of the business. which Azim Premji owns 4.3% of the shares of. His two sons own 0.03 per cent of the company, while his wife Yasmin Premji owns 0.05 per cent.
There will be no effect on the company's promoters or promoter group from this share transaction. This share transaction has taken place within the group, hence it will not have any impact on the promoter.
On Wednesday, Wipro shares closed at Rs 478.75 per share, up 8.85 points.
