Azim Premji Trust to sell stake to fund edu

The Azim Premji Trust will on March 14 sell 14 per cent of the 213 mn shares of Wipro.

Written by Johnson T A | Bangalore | Published: March 13, 2012 1:34 am

The Azim Premji Trust will on March 14 sell 14 per cent of the 213 million equity shares of Wipro Ltd that was transferred to it in December 2010 by Wipro founder Azim Premji to fund the education initiatives run by the trust.

The trust will sell 35 million shares currently valued at Rs 1,532 crore through the stock exchange mechanism according to a note sent to the BSE by the Azim Premji Trustee Company Pvt Ltd.

In December 2010,Premji had pledged to 8.6 per cent of his total share holding in soaps to software major Wipro Ltd to the Azim Premji Trust to boost education in India in what is considered the largest of its kind donation done to date by an Indian billionaire.

The 213 million equity shares of Wipro Ltd were then valued at $2 billion or Rs 8,846 crore.

“The trust will utilize the endowment to fund,various social,not-for-profit initiatives,which are expected to scale significantly over the next few years,’’ the Azim Premji Foundation had stated said in an official communique in 2010.

“We believe that good education is crucial to building a just,equitable,humane and sustainable society. We want to contribute significantly towards improvement of education in India,and through that towards building a better society,” Azim Premji said in the course of the share transfer. “Our experience of the past 10 years has motivated us to significantly scale up our initiatives..,” he said.

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