Wipro Founder Azim Premji gifts shares worth around Rs 500 cr to two sons

Bengaluru, 25 January: Wipro founder Azim Premji has gifted over 10 million or 1 crore shares, worth about Rs 500 crore to his two sons, Rishad and Tariq, the stock exchange data said.

According to the filing, the shares donated were 0.20 per cent of Wipro’s total share capital. With this gift, Azim Premji has gifted 0.1 per cent each to his two sons.

“I, Rishad Azim Premji, (the “Buyer”) wish to intimate you that 51,15,090 equity shares of Wipro Limited (“Company”) has been received as Gift from Mr. Azim Hasham Premji,” said one of the disclosures.

Azim Premji, who owned22.58 crore shares, or 4.32 per cent of the stake in Wipro, gave 51,15,090 (51.15 lakh) shares each to elder son Rishad and Tariq on January 20.

Post this transaction, Wipro’s Founder Azim Premji will own 4.12 per cent in the Bengaluru-based company in which he took charge as the chairperson at the age of 21.

The promoter group includes three partnership firms—Hasham Traders, Prazim Traders and Zash Traders—together own 58 per cent. Azim Premji Philanthropic Initiatives and Azim Premji Trust also hold 0.27 per cent and 10.18 per cent, respectively. The remaining 0.03 per cent is held by Hasham Investment and Trading Co.

The Premji family members together own 4.43 per cent shares in Wipro, including Azim Premji’s wife Yasmeen owning 0.05 per cent and the two sons hold 0.13 per cent each.

Wipro’s share price has improved in the last 15 days in bourses after the company management indicated of an early sign of recovery.