Azim Premji, promoter entities sell Rs 7,300 cr Wipro shares

Azim Premji, promoter entities sell Rs 7,300 cr Wipro shares
Azim Premji  |  Photo Credit: Photo Credit: Reuters
12 Sep, 2019

Azim Premji, non-executive founder-chairman of Bengaluru-based IT services firm Wipro, and promoter group entities sold shares worth Rs 7,300 crore during the recently-concluded share buyback by the company.

Premji and promoter group entities sold 22.5 crore equity shares in the buyback,  according to regulatory filings by Wipro on Wednesday.

The company bought back close to 32.3 crore shares worth Rs 10,500 crore.

Premji, who recently resigned as Wipro executive chairman, has promised to give away more than two-thirds of his shares in Wipro for philanthropy. 

Post the share buyback, the stake of the promoter and promoter group in Wipro has gone up marginally to 74.05% from 73.83% in the country's fourth-largest IT firm.

Close to 5 crore shares were reserved for small shareholders in the buyback. 

Among institutional investors, Life Insurance Corporation of India sold close to 1.35 crore, netting around Rs 430 crore.

Promoter institutions that sold shares include Azim Premji Partner representing Zash Traders, Azim Premji Partner representing Prazim Traders,  Azim Premji Partner representing Hasham Traders and Azim Premji Trust.

Premji's son Rishad was appointed Wipro's executive chairman in July for five years until 2024. Chief executive Abidali Neemuchwala took over the additional post of managing director from Azim Premji in late July.