Premji gives half of his stake in Wipro for charity

BENGALURU: Wipro’s billionaire chairman Azim Premji, the first Indian to sign the Giving Pledge, has set aside more than half of his wealth for charity by allocating an additional 18% stake in the company to fund philanthropy.

Premji, who will turn 70 this month, controls a 73.39% stake in India’s third-largest software company, which is worth about Rs 99,500 crore ($15.7 billion). In Wipro’s annual report for the year ended March 2015, Premji said he has now allocated the equivalent of 39% of the company’s shares to a trust focussed on philanthropic initiatives, mainly primary education. The additional 18% stake forms the latest tranche of shares Premji has allocated for charity.

Premji, who will turn 70 this month, controls a 73.39% stake in India’s third-largest software company, which is worth about Rs 99,500 crore ($15.7 billion). In Wipro’s annual report for the year ended March 2015, Premji said he has now allocated the equivalent of 39% of the company’s shares to a trust focussed on philanthropic initiatives, mainly primary education. The additional 18% stake forms the latest tranche of shares Premji has allocated for charity.

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