Rishad Premji, the son of Wipro’s billionaire chairman Azim Premji sold around 28% of his shares in the company on Friday.
In a statement filed with the Bombay Stock Exchange (BSE) on Friday evening, Wipro said Rishad sold 2,60,000 of his shares valued at . 10.5 crore, bringing down his holding from 0.04% earlier to nearly 0.03%. The company did not mention reasons for sale of shares by Rishad, who is currently the chief strategy officer of Wipro’s technology business.
Rishad, 33, who joined Wipro from consulting firm Bain & Co in June 2007, and became general manager (treasury & investor relations) in 2009, was promoted to replace Lakshminarayana KR as the chief strategy officer last year. India's third-largest software exporter Wipro is largely held by its chairman and promoter Azim Premji who owns nearly 80 % shares in the company.
Wipro's stock closed at . 409, down 1.64 %, or . 6.8, on Friday. In December last year, Azim Premji sold about 8.6% of his Wipro stake worth over . 8,000 crore to build schools, train teachers and fund other educational activities.
The shares, at current market prices were valued at . 8,846 crore and represented the singlelargest donation by an individual towards philanthropic activities.
In a statement filed with the Bombay Stock Exchange (BSE) on Friday evening, Wipro said Rishad sold 2,60,000 of his shares valued at . 10.5 crore, bringing down his holding from 0.04% earlier to nearly 0.03%. The company did not mention reasons for sale of shares by Rishad, who is currently the chief strategy officer of Wipro’s technology business.
Rishad, 33, who joined Wipro from consulting firm Bain & Co in June 2007, and became general manager (treasury & investor relations) in 2009, was promoted to replace Lakshminarayana KR as the chief strategy officer last year. India's third-largest software exporter Wipro is largely held by its chairman and promoter Azim Premji who owns nearly 80 % shares in the company.
Wipro's stock closed at . 409, down 1.64 %, or . 6.8, on Friday. In December last year, Azim Premji sold about 8.6% of his Wipro stake worth over . 8,000 crore to build schools, train teachers and fund other educational activities.
The shares, at current market prices were valued at . 8,846 crore and represented the singlelargest donation by an individual towards philanthropic activities.
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