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Azim Premji donates shares worth Rs 12,300 cr to charity
Get Latest News on : Azim PremjiFebruary 23, 2013 16:14:09 IST
Last Updated : February 23, 2013 16:21:54 IST
New Delhi : Wipro Chairman Azim Premji has donated shares worth about Rs 12,300 crore in Wipro Ltd to a philanthropic trust he controls.
A statement issued by the foundation said that the billionaire had transferred 295.5 million shares from his stake in Wipro to the trust that controls the Azim Premji Foundation, a not-for-profit organization working in the education sector in India.
According to the Wall Street Journal, the shares represent 12 percent of the total outstanding shares of Wipro.
Premji said in a statement that this trust ‘will utilize the endowment to fund various social, not-for-profit initiatives of the foundation, which are expected to scale significantly over the next few years’.
File Photo : AFP
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