Azim Premji to transfer 213 mn shares to trust

Wipro said on Wednesday its chairman Azim Premji will transfer 213 million equity shares of the company to a trust controlled by him. Premji will transfer 213,000,000 equity shares of Wipro, held by entities controlled by him, to an irrevocable trust, Wipro said in a filing to the Bombay Stock Exchange.

The trust has been created to fund various social, not-for-profit initiatives, which are expected to scale significantly over the next few years, it added.

Premji controls the trust and will continue to retain the voting rights of the transferred shares, it said. The transfer would be effected by December 7, 2010.

Image: Azim Premji