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Premji to transfer Wipro shares to trust

BANGALORE: Azim Premji, Chairman of Wipro, and the Azim Premji Foundation, announced on Wednesday that he would soon transfer 213 million equity shares of the company, valued currently at about Rs.8,846 crore, which are held by entities “controlled” by him to “an irrevocable trust.”

A statement issued by Wipro stated that the transfer would be effected by December 7.

“This trust will utilise the endowment to fund, various social, not-for-profit initiatives, which are expected to scale significantly over the next few years,” it added.

Wipro said the foundation, since its inception in 2001, had worked largely in rural India, in close partnership with various State governments, to help contribute to the improvement of quality of education. Its programmes have touched over 25,000 schools and over 2.5 million children over the years.

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