Tech tycoon Azim Premji gifts Wipro shares worth ₹500 Crores to sons Rishad and Tariq
Wipro's first family now owns 4.43% stake after Azim Premji's philanthropic gesture, reshaping company ownership amidst Q3 financial reflections
Azim Premji, the founder and chairman of Wipro, made a significant gift to his two sons, Rishad and Tariq, by giving them more than 1 crore shares of the company. This generous gift is valued at ₹500 crore. Until last week, the 78-year-old tech mogul held over 22.58 crore shares in Wipro. The data from stock exchanges reveals that on January 20, Premji distributed 51,15,090 shares each to his elder son Rishad, who currently serves as the chairperson of Wipro, and to his younger son Tariq, who is associated with the Azim Premji Foundation.
On the day of the share transfer, Wipro’s stock closed at ₹484.90, indicating that the 1,02,30,180 shares were valued at ₹496 crore. This move has resulted in the first family members of Wipro collectively owning 4.43 percent of the company’s shares. Azim Premji himself retains ownership of 4.12 percent of the shares, while his wife Yasmeen holds 0.05 percent. Both sons now have a 0.13 percent stake each in the company.
As of the end of the previous year, the promoters collectively held 72.9 percent of Wipro’s shares. Among them, three partnership firms—Hasham Traders, Prazim Traders, and Zash Traders—own 58 percent. The Azim Premji Philanthropic Initiatives and the Azim Premji Trust possess 0.27 percent and 10.18 percent, respectively. The remaining 0.03 percent is under the ownership of Hasham Investment and Trading Co.
Wipro recently reported its financial results for the third quarter, which ended in December. The company witnessed a nearly 12 percent decline in consolidated net profit, amounting to ₹2,694.20 crore. Additionally, consolidated revenue from operations saw a decrease of 4.4 percent, dropping to ₹22,205.1 crore compared to ₹23,229 crore in the corresponding period the previous year.
Wipro’s CEO and Managing Director, Thierry Delaporte, acknowledged the cautious demand environment. Clients, according to Delaporte, are making conservative investments, focusing on efficiency, seeking higher returns on investments, and optimizing existing investments. However, he expressed optimism, noting some positive indicators for growth.
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