The extraordinary general meeting (EGM) of Wipro Enterprises on Tuesday passed a resolution for capital reduction of the company. However, minority shareholders, who were present at the meeting, told that they would like to continue holding the stock. According to reports, the minority shareholders own about 1.61 crore shares in Wipro Enterprises.
An official statement from the company said, “The resolution for capital reduction was passed with an overwhelming majority in the EGM of Wipro Enterprises Limited (WEL). However, some of the shareholders, who were present in the EGM expressed that they have been holders for generations and possess a sentimental attachment to the company and would like to continue holding the stock.”
In 2012, Wipro had announced its plan for the demerger of its non-IT business into separate unlisted entity called Wipro Enterprises Limited, while the IT business continues to be a listed entity. Wipro Enterprises, founded by Azim Premji, has two main businesses — Wipro consumer care and Wipro infrastructure engineering. It has also two joint ventures, namely, Wipro GE Healthcare Private Ltd and Wipro Kawasaki Precision Machinery Private Ltd.
