Azim Premji Gifts Rs 500 Cr Worth Wipro Shares to Sons

Wipro founder Azim Premji has given 10.2 million shares, worth nearly Rs 500 crore, to his sons Rishad and Tariq, as per the stock exchange filing on Wednesday. The transaction does not alter the overall promoter and promoter group shareholding in the company, which remains the same.

A generous gesture

Azim Premji, who is known for his philanthropy, gave 51,15,090 shares to each of his sons on January 20. This amounts to 0.2% of the share capital of the company. The shares were transferred at a price of Rs 488.25 per share, valuing the transaction at Rs 498.8 crore.

Rishad Premji is the chairman of Wipro, while Tariq Premji is VP at Azim Premji Endowment Fund – an entity set up by Azim Premji to fund his philanthropic initiatives. In addition, he serves as a board member of Azim Premji Foundation, and Azim Premji Philanthropic Initiatives.

A legacy of giving

Azim Premji, who stepped down as the executive chairman of Wipro in 2019, has been one of the most generous donors in India. He has pledged more than half of his wealth to charitable causes. He has also contributed significantly to the fight against Covid-19 pandemic in India.

According to Forbes, Azim Premji’s net worth as of January 24, 2024 was $9.7 billion. He ranked 13th on the list of India’s richest people and 304th on the global billionaires list.

Wipro is one of India’s leading IT services companies, with a revenue of Rs 69,952 crore and a net profit of Rs 10,850 crore for the fiscal year ended March 31, 2023.