Azim Premji’s trusts to get at least Rs 5,000 crore from proposed Wipro buyback

Azim Premji Philanthropic Initiatives and Azim Premji Trust have sought approval from Sebi to sell more shares than other promoters back to Wipro.

Billionaire Azim Premji’s two philanthropic arms, Azim Premji Philanthropic Initiatives Pvt. Ltd (APPI) and Azim Premji Trust (APT), stand to receive at least Rs5,000 crore from Wipro Ltd’s proposed Rs11,000 crore share buyback.

Wipro Chairman Azim Premji at the announcement of Q1 financial results of the company, in Bengaluru on Thursday. (PTI)

Both APPI and APT have additionally sought approval from market regulator Securities and Exchange Board of India (Sebi) to sell more shares than other promoters back to the Bengaluru-based information technology company.

“In order to augment more funds for advancing their philanthropic objectives, APPI and APT wish to maximise the acceptance of the equity shares held by them in the buyback against the entitlement available to the promoter group,” Wipro said in a filing dated 28 July to BSE Ltd.

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(Published in arrangement with Livemint)