Azim Premji gifts 1 crore equity shares of Wipro worth over Rs 480 crore to his sons

Wipro founder Azim Premji has transferred 1.02 crore equity shares of Wipro held by him to his two sons --Rishad Premji and Tariq Premji-- as a 'gift', according to an exchange filing.

The Wipro scrip is currently valued at Rs 472.9 per share, and at roughly this value, the transferred shares will amount to a whopping Rs 483 crore. Tech magnate Azim Premji's son Rishad Premji currently helms Wipro as its Executive Chairman and is a prominent face of the IT industry.

"I, Azim H Premji, wish to intimate you that 1,02,30,180 equity shares of Wipro Limited held by me, amounting to 0.20 per cent of the share capital of the company were transferred to Rishad Azim Premji and Tariq Azim Premji in the form of gift," Wipro filing on Wednesday said.

The transaction, however, would not alter the overall promoter and promoter group shareholding in the company and it will remain the same even after the proposed transaction.

In another filing by Wipro, Rishad Premji informed that 51,15,090 equity shares of Wipro Ltd had been received as a gift from Azim Premji.

A similar intimation was made for Tariq Premji, informing that he has also been gifted 51,15,090 equity shares of Wipro Ltd by Azim Premji.