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Premji transfers Wipro stock worth Rs 12,300 cr to trust

PTI
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Giving more to philanthropy, IT czar Azim Premji today announced transfer of 295.5 million equity Wipro shares worth Rs 12,300 crore held by certain entities controlled by him, to an irrevocable trust.

The trust will utilise the endowment to fund, various social, not-for-profit initiatives of Azim Premji Foundation, which are expected to scale significantly over the next few years, the statement said.

With this transfer, the trust’s shareholding in Wipro will go up to about 19.93 per cent, according to a statement issued by the Foundation here.

The 295.5 million shares of Wipro Ltd represent around 12 per cent stake.

Azim Premji is also Chairman of Azim Premji Foundation.

On February 19, Premji had announced he will commit more of his wealth to philanthropy, as his Foundation scales up work to improve equity and quality of the primary education system in the country.

The business tycoon had donated 8.7 per cent of the total stock of Wipro from his personal stock-holding for philanthropy in 2010. This had formed the endowment for the Foundation.

In a letter for the first international “Giving Pledge”, group, he said the Foundation currently has 800 people spread across the country: most of whom are working for the betterment of some of the most disadvantaged regions of the country, and others at the Azim Premji University.

The Foundation is a not-for-profit organisation set up in 2001 with an overarching goal to create and sustain initiatives to contribute to a just, equitable, humane and sustainable society, it said.

The Foundation has worked largely in rural India, often in close partnership with various state governments, to help contribute to the improvement of quality and equity of school education, the statement said.

Currently, the Foundation’s work is spread across Karnataka, Uttarakhand, Rajasthan, Chhattisgarh, Puducherry, Andhra Pradesh, Bihar and Madhya Pradesh, it said.

*

Azim Premji, Wipro stock, philanthropy, 295.5 million equity, irrevocable trust, Azim Premji Foundation

(This article was published on February 22, 2013)
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Comments:

Great man ! Great Vision ! Salute to him.

from:  ANIL P.
Posted on: Feb 23, 2013 at 11:48 IST

Namaskarms Shri Azim Premji.We are proud of you.I should not compare you and describe you as Bill Gates of India.

from:  Y.Jagannatham
Posted on: Feb 23, 2013 at 13:44 IST

A model for all to emulate and follow. Hope you will enjoy pleasure of
giving and the almighty will take care of you.

from:  ravi ramireddy
Posted on: Feb 23, 2013 at 14:35 IST

I feel shame on myself looking at the icon I am no where even by the intention forget money but I will try to do something by my capacity
it is right said ik din bik jayega mati ke bol jag me reh jayeng pyare tere bol

from:  naresh totla
Posted on: Feb 23, 2013 at 19:36 IST

Kudos to Premzi: who delivered in his characteristic understated
unassuming manner in stark contrast to fellow IT czar who is replete
platitudes and postulations ad nauseum...wish other fellow czars take
cue and demonstrate what they "mean" when they keep churning out reams
of lofty stuff...

from:  Srinivas
Posted on: Feb 23, 2013 at 19:47 IST
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