Wipro Ltd.’s founder chair, Azim Premji, has made a significant gesture by gifting slightly over 10 million shares, valued at approximately ₹500 crore, to his two sons, Rishad and Tariq, as per stock exchange data.
As of last week, the 78-year-old Azim Premji held 22,58,08,537 shares, equivalent to 4.32% in Wipro. On January 20, Premji transferred 51,15,090 shares each to his elder son, Rishad, who serves as the chairman of Wipro, and to Tariq, associated with the Azim Premji Foundation.
With Wipro shares closing at ₹484.9 on Friday, the gifted shares were estimated at ₹496 crore. Following this transaction, the Premji family collectively now holds 4.43% of Wipro shares. This includes Premji with 4.12%, his wife Yasmeen with 0.05%, and both sons individually holding 0.13%.
As of the end of December last year, the promoters collectively owned 72.9% of Wipro. Within the promoter group, three partnership firms—Hasham Traders, Prazim Traders, and Zash Traders—hold a combined 58%, while Azim Premji Philanthropic Initiatives and Azim Premji Trust have 0.27% and 10.18%, respectively. The remaining 0.03% belongs to Hasham Investment and Trading Co.
It’s noteworthy that while the Premji family holds 72.9% of Wipro, monetary benefits such as dividends and share buybacks from about 3% of the 68.6% promoter shares go to the family. The remaining 65.6% shares’ economic benefits flow to the charitable Azim Premji Foundation.
Known for his frugality and dedication to philanthropy, Azim Premji donated two-thirds of his wealth, approximately $21 billion in 2019, to charitable causes. This included dividend incomes from two-thirds of the family-held shares in Wipro and the entire gains from his family office, Premji Invest.
Presently, Azim Premji’s wealth totals about $11.3 billion, comprising $1.3 billion in Wipro shares and $10 billion worth of Wipro Enterprises Ltd. Wipro Enterprises, a privately-held entity, conducted a valuation exercise last year as it acquired shares from select minority investors.