Azim Premji sells 3.96 per cent stake in Wipro

Azim Premji and promoter group of Wipro Ltd. have sold shares worth over a billion dollars. The news didn’t go well with the market and stock ended with loss on Thursday.

Wipro Ltd on Wednesday said that its founder-chairman and the entities controlled by him have sold 224.6 million shares amounting 3.96 per cent of total equity stake held by them in recent share buyback programme. The bulk of the funds are likely to be used to boost the philanthropic initiatives of India’s most generous billionaire whose eponymous foundation is one of the five largest private endowments in the world and the biggest in Asia.

The company said in statement that, “Wipro cannot comment on the end use of funds received under buyback by promoter entities”.

Wipro Limited is an Indian based software and technology service provider that targets the global market. The company provides comprehensive IT solutions and services, including systems Integration, Information Systems Outsourcing, IT Enabled Services, Package Implementation, Software Application development and maintenance, and Research and Development Services to corporations globally.

On Thursday, the stock of Wipro Ltd opened at Rs. 247.50 per share and made an intraday high and low of Rs. 248.45 and Rs. 244.05, respectively on the BSE. The stock closed at Rs. 244.40, down by 1.51 per cent.