Business

Premji, trust sell ₹1,716 cr. Wipro shares via buy-back

Promoters offload ₹7,300-crore stake

Wipro founder Azim Premji, Azim Premji Trust and other promoter groups together have sold more than 22.46 crore shares worth more than ₹7,300 crore during the Wipro buy-back offer that closed towards the end of last month.

Mr. Premji and Azim Premji Trust together, excluding the promoter groups, sold 5.28 crore shares worth more than ₹1,716 crore.

Wipro said it had bought back 32.3 crore equity shares under the buy-back scheme at ₹325 apiece.

The total amount utilised was about ₹10,499.99 crore, said the tech major in a stock exchange filing on Wednesday.

As per the filing, 4.05 crore shares from Azim Premji Trust and 1.22 crore shares from Azim Premji were accepted under the buyback offer. Over 1.34 crore shares were sold by Life Insurance Corporation of India during the process, the filing said.

Approximately 6.12 crore shares from Azim Premji Partner representing Zash Traders, 6.03 crore shares from Azim Premji Partner representing Prazim Traders and 5.02 crore shares from Azim Premji Partner representing Hasham Traders were accepted under the buy-back, it added.

Wipro’s ₹10,500-crore buy-back had opened for subscription on August 14 and closed on August 28. The company wanted to buy back up to 32.30 crore shares, representing 5.35% of its total paid-up equity capital, at ₹325 a share.

Post the buy-back, the promoter group now holds 74.05% stake in Wipro, as per the stock exchange filing.

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Printable version | Jun 3, 2020 10:23:32 AM | https://www.thehindu.com/business/premji-trust-sell-1716-cr-wipro-shares-via-buy-back/article29395236.ece

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