Wipro founder Azim Premji has gifted 10.2 million or 1.02 crore shares worth about Rs 500 crore to his sons Rishad and Tariq. The company has given this information in its stock exchange filing.
Premji has given 51,15,090-51,15,090 shares to his two sons, which is 0.2% of the share capital of the company. Rishad Premji is the Chairman of Wipro, while Tariq Premji is the Vice President of 'Azim Premji Endowment Fund'. 'Azim Premji Endowment Fund' is a unit set up by Azim Premji to fund his philanthropic initiatives.
Apart from this, Tariq Premji serves as a board member of Azim Premji Foundation and Azim Premji Philanthropy Initiatives. After the transaction, Azim Premji's family has 4.4% stake in the company. In which Azim Premji holds 4.3%, his wife Yasmin Premji holds 0.05% and both his sons hold 0.03%.
There will be no change in the overall promoter and promoter group stake in the company as a result of the transaction, it will remain the same even after the proposed transaction. Because this transfer has happened within the group itself.
IT company Wipro had released the results for the third quarter of financial year 2024 on January 12. Wipro's net profit in the October-December quarter declined 12% year-on-year to ₹2,700.6 crore. The profit in the same quarter last year was Rs 3,065 crore. The company also declared an interim dividend of ₹1 per share.
Wipro's revenue declined 4.4% year-on-year to Rs 22,205 crore. The company's revenue in the same quarter a year ago was Rs 23,229 crore.
Wipro's employee headcount also declined to 2,24,401 at the end of December (except sales and support staff) from 2,27,929 a quarter ago.
Wipro shares closed at Rs 466.00, up Rs 17.80 or 3.97% in Friday's trade. Its shares have increased by more than 18% in one year.