Wipro founder Azim Premji gifts shares worth about ₹500 cr to his sons: Report

Rishad Premji is currently the chairperson of Wipro, while Tariq works at the Azim Premji Foundation.

Published on: Jan 25, 2024, 11:40:34 IST

By HT News Desk

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Wipro founder chair Azim Premji has gifted more than 1 crore shares, worth ₹500 crore to his two sons Rishad and Tariq. The 78-year-old tech founder owned more than 22.58 crore shares in the company until last week. HT Group's business website Mint, while quoting data from stock exchanges, reported that Premji gave 51,15,090 shares each to his elder son Rishad and to younger son Tariq.

Rishad is currently the chairperson of Wipro, while Tariq works at the Azim Premji Foundation.

On January 20, the day Premji handed out the shares to his sons, Wipro's shares had ended at ₹484.90. It means that the 1,02,30,180 shares valued at ₹496 crore.

With this, the first family members of Wipro own 4.43 per cent shares. While Premji owns 4.12 per cent of the shares, his wife Yasmeen owns 0.05 per cent. Both their sons own 0.13 per cent each.

ALSO READ: Wipro market cap over ₹2.61 lakh crore after Q3 results; shares jumps 14%

According to the report, the promoters had owned 72.9 per cent of Wipro at the end of last year. Three partnership firms namely Hasham Traders, Prazim Traders and Zash Traders own 58 per cent. The Azim Premji Philanthropic Initiatives and the Azim Premji Trust own 0.27 per cent and 10.18 per cent respectively.

The remaining 0.03 per cent is owned by Hasham Investment and Trading Co., the report added.

Wipro Q3 results

On January 12, the company had reported a nearly 12 per cent drop in consolidated net profit at ₹2,694.20 crore in the third quarter that ended December last year.

The consolidated revenue from operations declined by 4.4 per cent to ₹22,205.1 crore during the December quarter, as against ₹23,229 crore a year ago.

"The demand environment, overall let's be clear, remains cautious. Clients are still making conservative investments, still looking for efficiency, more returns on investments and better optimisation for existing investments. But we are seeing some indicators for growth," Wipro CEO and Managing Director, Thierry Delaporte was quoted by PTI as saying.

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