Azim Premji gifts 10 million shares worth nearly Rs 500 crore to his sons

BENGALURU: Wipro founder Azim Premji has gifted 10.2 million shares worth nearly Rs 500 crore to his sons — Rishad and Tariq — the stock exchange filing on Wednesday showed. Premji gave 51,15,090 shares to each of his sons that amounts to 0.2% of the share capital of the company.
Rishad Premji is the chairman of Wipro, while Tariq Premji is VP at Azim Premji Endowment Fund, an entity set up by Azim Premji to fund his philanthropic initiatives.In addition, he serves as a board member of Azim Premji Foundation, and Azim Premji Philanthropic Initiatives. Post the transaction, Azim Premji’s family own 4.4% in the company of which the senior Premji owns 4.3%, his wife Yasmeen Premji owns 0.05% and the two sons own 0.03% each.
The transaction, however, would not alter the overall promoter and promoter group shareholding in the company and shall remain the same even after the proposed transaction since this transfer is within the group.
On the BSE, Wipro shares had closed at Rs 478 during Saturday’s special trading session. At this price, the 10.2 million shares were valued at Rs 489 crore. As of December, Wipro promoters and the promoter group together held 72.9% in the company.

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