Azim Premji gifts Wipro stock worth 500 crore to sons

Wipro Ltd's founder chair Azim Premji has given a little over 10 million shares, worth about 500 crore, as gift to his two sons, Rishad and Tariq, according to data from the stock exchanges.

Azim Premji, 78, owned 225,808,537 shares, or 4.32%, in Wipro until last week. On 20 January, Premji gave 5,115,090 shares, each, to elder son Rishad, who is the chairman of Wipro, and to Tariq, who works at Azim Premji Foundation.

Wipro shares ended at ₹484.90 on Friday, implying that the 10,230,180 shares were valued at ₹496 crore.

After the transaction, the Premji family members together own 4.43% shares in Wipro, including Premji owning 4.12%, his wife, Yasmeen owning 0.05% and the two sons, each owning 0.13%.