Bengaluru: In Wipro buyback program, Mr. Azim Premji and promoter group of the company sold shares of fourth-largest IT services company. They sold shares worth Rs. 7300 crore.
According to the report published in Economic Times, 224.6 million shares were sold by the company’s chairman and establishments controlled by him.
Azim Premji Foundation
It may be mentioned that in the month of March, Mr. Premji had donated the earnings from 67% of Wipro shares to the Azim Premji Foundation.
The foundation is involved in many philanthropist activities including imparting quality primary education in many states.
Currently, the company runs a university in Bengaluru. It plans to establish another university too. The foundation also provides support to other non-profit organizations.
Stake in the company increased
It may be noted that before the buyback, Azem Premji and the entities were holding 73.83% stake of the company. Now, they are holding 74.05% as the company has canceled the stock it brought under the programme.