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Premji transfers 12 percent Wipro shares to
his trust
Friday February 22, 2013 07:37:55 PM,IANS
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Bangalore: Wipro
chairman Azim Premji Friday transferred 12 percent (295.5 million)
of the IT bellwether's shares, valued at Rs.12,300 crore (Rs.123
billion/$2.3 billion), to an endowment trust headed by him.
The transferred shares were held by entities controlled by Premji.
As a result, the trust's shareholding in the company has increased
to 19.93 percent, including 7.93 percent of shares transferred in
2010 when the trust was set up.
The trust will utilise the endowment to fund various social
initiatives of the Azim Premji Foundation, a not-for-profit
organisation he set up in 2001, with a view to contributing to a
just, equitable, humane and sustainable society in India.
"The initiatives are expected to scale significantly over the next
few years," the Foundation said in a statement here.
The Foundation works in rural India in partnership with state
governments to help improve the quality and equity of school
education.
Its activities are spread across Andhra Pradesh, Bihar,
Chhattisgarh, Karnataka, Madhya Pradesh, Puducherry, Rajasthan and
Uttarkhand.
As part of its strategy, the Foundation has set up the Azim Premji
University in Bangalore, state level institutes in three states,
district level institutes in seven districts and six demonstration
schools during the last two years.
"The university has been established to develop professionals in
the domains of education and development through degree programmes,
continuing programmes and creation of knowledge in education," the
statement said.
Over the next five years, the number of district level
institutions will be expanded to 60, state level institutions to
eight and the university will have 3,500 students with 350 faculty
members across multiple programmes.
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