Indian IT billionaire Azim Premji gifts over $60mn worth shares to sons Rishad and Tariq

Azim Premji, the founding chairman of Indian IT giant Wipro, has recently presented a substantial gift to his sons, Rishad A Premji and Tariq Premji. This generous offering comprises slightly over 10 million Wipro shares, costing approximately ₹500 crore ($60.12mn).

Following this noteworthy transaction, Azim Premji's stake in Wipro now stands at around 215.5 million shares

The distribution of shares saw each son, Rishad and Tariq, receiving a commendable 5.1 million shares from their father, elevating their holdings from 0.03 per cent to a significant 0.13 per cent each.

Azim Premji's overall ownership in the company experienced a marginal decline from 4.32 per cent to 4.12 per cen, as reported by the Bombay Stock Exchange (BSE). In the preceding quarter of FY24, the senior Premji held 225.8 million Wipro shares.

However, after the recent gifting transaction, this figure reduced to 215.5 million shares.

The transfer of ownership involved 10.23 million shares, each priced at an estimated ₹489 ($5.88). The move was executed on January 20.

The Premji family members are now collective owners of 4.43 per cent of Wipro shares, including a 0.05 per cent holding by Azim Premji's wife, Yasmeen.

Meanwhile, the broader promoter group remains formidable, commanding an impressive 72.9 per cent stake in Wipro.

Simultaneously, Wipro has offered insights into its financial performance, projecting the revenue outlook for its IT services business segment in Q4. The company anticipates a range of (-)1.5 per cent to 0.5 per cent in constant currency terms, following Q3's earlier guidance of (-)3.5 per cent to (-)1.5 per cent.

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The IT major, known for its strategic foresight, has also declared an interim dividend of ₹1 per equity share, while asserting its commitment to delivering value to shareholders.

(With inputs from agencies)