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

Wipro founder and Billionaire businessman Azim Premji has gifted over 10 million or 1 crore shares, worth about Rs 500 crore to his two sons, Rishad and Tariq, according to stock exchange filings.

The 10 million shares amount to 0.2% of the share capital of Wipro, adding 0.10% each to the sons’ holding in the company. With this transaction, Azim Premji will hold 4.12% in Wipro in which he took charge as the chairperson at the age of 21.

Gifting Wipro shares

Rishad Premji who is the current Chairman of Wipro in one of the disclosures mentioned that he received 51,15,090 equity shares of Wipro Limited (“Company”) as a gift from Azim Premji.

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“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.

Tariq who is a vice president at Azim Premji Endowment Fund - an entity set up by Azim Premji to fund his philanthropic initiatives has also received 51,15,090 equity shares of Wipro.

The Premji family members together own 4.43% shares in Wipro, including Azim Premji’s wife Yasmeen owning 0.05% and the two sons hold 0.13% each. The total promoters’ stake in Wipro at the end of December last year stood at 72.90%.