Wipro founder Azim Premji gifts shares worth Rs 500 crore to sons

BENGALURU: Wipro founder Azim Premji has gifted 10.2 million shares worth nearly Rs 500 crore to his sons - Rishad and Tariq - the stock exchange filing on Wednesday showed. Premji gave 51,15,090 shares to each of his sons that amounts to 0.2% of the share capital of the company.

Rishad Premji is the chairman of Wipro, while Tariq Premji is VP at Azim Premji Endowment Fund - an entity set up by Azim Premji to fund his philanthropic initiatives. In addition, he serves as a board member of Azim Premji Foundation, and Azim Premji Philanthropic Initiatives. After the transaction, Azim Premji's family owns 4.4% in the company of which, the senior Premji owns 4.3%, his wife Yasmeen Premji owns 0.05% and the two sons own 0.03% each.

The transaction would not alter the overall promoter and promoter group shareholding in the company, which shall remain the same even after the proposed transaction since this transfer is within the group.

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