Wipro founder to sell shares for Education Projects

Wipro’s  founder Mr. Azim Prem ji has planned to sell up to 35 million shares near about 1.4 % stake, to fund Education Projects to improve the quality of education in the country.

Wipro is the second largest IT services company by turnover in India, employing about 120,000 people worldwide as of December 2011.The value of 35 million shares is valued worth Rs. 15.32 billion rupees as per market closing price of 437.75 rupees.

The Percentage of share to be sold via a new auction is around 1.4%. In January, India’s market regulator gave permission to shareholders of the country’s top 100 companies by market value to raise funds by auctioning their stakes via stock exchanges. UBS and Credit Suisse have been hired by Wipro as brokers for the share auction procedure.

Wipro was awarded SVG1, the highest rating in Stakeholder Value Creation and Governance Practices by ICRA, a premier credit rating agency in India and an associate of Moody’s Investor Services of USA.  It is 9th most valuable brand in India according to an annual survey conducted by Brand Finance and The Economic Times in 2010.