Wipro Ltd.'s Chairman Emeritus Azim Premji has transferred as gift more than one crore shares to his sons in a transaction valued at about Rs 500 crore.
The transaction, equivalent to a 0.2% stake in the IT services company, were transferred to Rishad Premji (51,15,090 shares) and Tariq Premji (51,15,090 shares), according to an exchange filing dated Jan. 22. The shares were worth Rs 488.95 crore as on date.
The transaction "wouldn't alter the overall promoter and promoter group shareholding in the company and shall remain the same even after the above proposed transaction," it said.
However, Azim Premji's personal shareholding now stands revised to 4.12%—equivalent to 22.07 crore shares—while those of his sons are at 0.13% each. The Premji family, including Azim Premji's wife Yasmeen, owns 4.43% stake in Wipro.
Rishad Premji is the chairperson of Wipro, while his brother Tariq is vice president at Azim Premji Endowment Fund—a philanthropic organisation set up by their father.
As of Dec. 31, the promoter and promoter group held 72.90% stake in Wipro, while the public shareholding stood at 26.97%. An employee trust and non-public, non-promoter shareholders accounted for the rest.
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