Wipro Founder Azim Premji Gifts Huge Shares Worth 500 Crores To Sons

In a recent media reports its floating that Wipro founder Azim Premji gifts share worth rupees 500 crores to his sons.

Wipro Founder Azim Premji Gifts Shares To Sons

In a heartfelt gesture, Azim Premji, the founder of Wipro, recently gifted more than 1 crore shares, valued at ₹500 crore, to his two sons, Rishad and Tariq. This generous move took place on January 20, 2024, when the closing price of Wipro’s shares stood at ₹484.90.

The Premji family’s ownership in Wipro has now increased to 4.43%, with Azim Premji retaining 4.12%, his wife Yasmeen holding 0.05%, and both sons having 0.13% each. Notably, the family’s stake in the company has seen a change from the 72.9% they held at the end of the previous year.

Last year, the promoters controlled 72.9% of Wipro, with three partnership firms having a 58% share. The Azim Premji Philanthropic Initiatives and the Azim Premji Trust owned 0.27% and 10.18%, respectively.

Azim Premji, whose net worth was estimated at around $25 billion as of February 2023 according to Forbes and Bloomberg Billionaires Index, has been a key figure in the world of philanthropy. Another source mentions his net worth as $26.7 billion.

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Wipro Founder Azim Premji With Son's Rashid & Tariq
Wipro Founder Azim Premji With Son’s Rashid & Tariq

The majority of Azim Premji’s wealth is tied to his ownership in Wipro Limited, an Indian company specializing in information technology, consulting, and outsourcing. As of February 2023, he held a significant 62.5% stake in Wipro, making it the primary source of his wealth.

Apart from his business success, Azim Premji is renowned for his philanthropic endeavors, particularly through the Azim Premji Foundation. This foundation focuses on education and various social causes in India. Over the years, Azim Premji has donated a substantial portion of his wealth to these initiatives, showcasing his commitment to making a positive impact on society.

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In this latest act of generosity towards his sons, Azim Premji not only demonstrates his love for family but also continues his legacy of giving back to the community, further solidifying his reputation as a philanthropic leader in India.

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