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Trustees holding shares of Wipro have sold around 18 lakh shares worth about ₹100 crore, at a price of ₹552.43 a share. However, this sale does not affect the shareholding pattern of the company, where Azim Premji continues to hold 73.43 per cent equity.
Wipro Inc Benefit Trust holds 18 lakh shares of Wipro. This is the result of a scheme of amalgamation worked out between CMango India Pvt Ltd, Mpower Software Services India Pvt Ltd and Mpact Technology Services Pvt Ltd with Wipro in 2007.
Provision in deedFurther, since the trust deed provides for dissolution following the sale of shares, the trustees are permitted to sell the shares in the open market. The entire sale proceeds will accrue to the trust whose sole beneficiary is Wipro LLC, a subsidiary of Wipro, according to the company.
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