Azim Premji, the founder of Wipro Ltd, has made a substantial gesture by transferring 1.02 crore equity shares of Wipro, valued at approximately Rs 483 crore, to his two sons, Rishad Premji and Tariq Premji. This notable move was officially disclosed in an exchange filing. The shares were transferred as a gift from Azim Premji to his sons.
As of the latest valuation, the Wipro scrip is priced at Rs 472.9 per share. With this valuation, the transferred shares represent a considerable financial value. Rishad Premji currently serves as the Executive Chairman of Wipro and holds a prominent position in the Indian IT industry. Despite a 1.7% dip in the firm’s scrip on the BSE at Rs 469.8, this transfer of shares underscores a significant development.
In an official statement, Azim H Premji conveyed, “I, Azim H Premji, wish to intimate you that 1,02,30,180 equity shares of Wipro Limited held by me, amounting to 0.20% of the share capital of the company, were transferred to Rishad Azim Premji and Tariq Azim Premji in the form of a gift.” This statement, submitted in a stock exchange filing, provides transparency about the transfer.
It’s essential to note that this transfer of shares does not impact the overall promoter and promoter group shareholding in Wipro. The ownership structure will remain unaltered even after this notable transaction.
In a separate filing made by Wipro, Rishad Premji officially acknowledged the receipt of 51,15,090 equity shares of Wipro Ltd as a gift from his father, Azim Premji. Similarly, Tariq Premji also received a similar gift of 51,15,090 equity shares of Wipro Ltd, as mentioned in the disclosure.
This strategic move by Azim Premji highlights a significant shift in ownership within the Premji family, emphasizing a forward-looking approach. Rishad Premji, as the Executive Chairman of Wipro, has been instrumental in steering the company through various transformations in the dynamic IT landscape.
Wipro, under the leadership of Rishad Premji, continues to be a major player in the IT industry, with a focus on innovation, digital transformation, and global business expansion. The company’s commitment to delivering cutting-edge solutions and adapting to evolving market demands remains a key aspect of its strategy.
The gifted shares hold substantial value, and their transfer signifies a symbolic act of succession planning within the Premji family. As Rishad and Tariq Premji inherit these shares, it positions them strategically within the broader governance structure of Wipro.
This gesture not only reflects Azim Premji’s commitment to philanthropy but also emphasizes the importance of family in the governance and stewardship of a leading IT company. It will be interesting to observe how this transfer of shares shapes the future dynamics of Wipro under the leadership of Rishad Premji and how the company continues to navigate the ever-evolving landscape of the technology sector.
