Share Market News: Azim Premji Gifted Worth Over Rs 1 Cr Shares to His Sons

Share Market News: India’s largest tech consultancy company, Wipro founder Azim Premji surprised everyone by giving his sons a gift of around Rs. 500 Cr. According to the Stock Exchange data, Azim Premji has given more than rs 1 Cr shares of Rs. 500 Cr to his two sons, Rishad Premji and Tarik Premji. On Friday, Wipro’s shares were closed at Rs. 484, which means that the total value of the shares given to both sons will be around Rs. 496 Cr. 

Wipro Shareholding Details

Azim Premji’s eldest son Rishad Premji is the chairman of Wipro and the youngest Tarik Premji works in the foundation. After announcing the share distribution to his sons, Premji’s family has a total share of Rs. 4.43% in Wipro out of which, Azim Premji has a share of Rs. 4.12%, his wife Yasmin has a share of Rs. 0.05%, and both the sons have a share of Rs. 0.13%. Three partnership firms, Hamas Traders, Pranjim Traders, and Jai Traders have a total of 58% of the share in Wipro. Azim Premji Philanthropic Initiative has 0.27% and Ajim Premji Trust has 10.18% of the share. The remaining 0.03% share is with Hamas Investment and Trading Company. Talking about revenue, Pramji’s family gets a monetary benefit of about 3% dividend and share buyback from the 76.6% promoter shares, such as dividends and other income. The remaining 65.6% of the financial benefit goes to the Azim Premji Foundation.