Azim Premji sells shares in Wipro's buyback scheme

New Delhi: Azim Premji and other promoter group companies sold shares worth 7300 crores in the repurchase scheme of the country's renowned IT company Wipro last month. He sold around 22.46 crore shares. The company said that 32.3 crore shares were purchased for the repurchase scheme at the rate of Rs 325 per share and in this order the company used a total amount of Rs 10,499.99 crore.

6.12 crores by Jaish Traders, a partnership of Azim Premji, 6.13 crores from another company of his own, Prazeem Traders and 5.02 crores shares of Hashem Traders were accepted under repurchase. Wipro said that 4.05 crore shares of Azim Premji Trust and 1.22 crore shares of Azim Premji were also accepted under the repurchase offer. After the repurchase, the promoter group now holds 74.05 per cent stake in Wipro.

Azim Premji retired from the company on 30 July. Premji was the founder and executive chairman and managing director of Wipro. His son Rishad Premji took over the reins of the company after he retired. In his last AGM, Azim Premji had said on the future of Wipro that to make the company's strategy a success, we are investing primarily in four areas - digital, cloud, engineering services and cyber security. He described the company's future as good.

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