Report: Azim Premji, founder of Wipro, gives his sons shares worth around ₹500 crore

Wipro founder Azim Premji has reportedly given more than 1 crore shares, valued at around Rs 500 crore, to his two sons Rishad and Tariq. Until last week, Azim Premji held more than 22.58 crore shares in the company. According to a report from the HT Group’s business website Mint, he gifted 51,15,090 shares each to his sons.

Rishad currently serves as the chairman of Wipro, while Tariq works at the Azim Premji Foundation.

After the shares were given to his sons on January 20, when Wipro’s shares were priced at Rs 484.90, the total value of the 1,02,30,180 shares was estimated at Rs 496 crore.

With this transfer, the Premji family collectively owns 4.43% of Wipro’s shares. Azim Premji holds 4.12%, while his wife Yasmeen owns 0.05%. Both of their sons own 0.13% each.

As of last year, the promoters owned 72.9% of Wipro. Additionally, three partnership firms, Hasham Traders, Prazim Traders, and Zash Traders, collectively owned 58%. The Azim Premji Philanthropic Initiatives and the Azim Premji Trust own 0.27% and 10.18% respectively. The remaining 0.03% is owned by Hasham Investment and Trading Co.

Regarding Wipro’s Q3 results, the company reported a nearly 12% decline in consolidated net profit at Rs 2,694.20 crore. The consolidated revenue from operations also decreased by 4.4% to Rs 22,205.1 crore during the December quarter. Wipro CEO and Managing Director, Thierry Delaporte, mentioned that the demand environment remains cautious. Clients are making conservative investments and looking for efficiency, better returns, and optimization for existing investments. However, he noted some indicators for growth.