According to an exchange filing, IT firm Wipro”s founder and chairman, Azim Premji, gave his sons Tariq and Rishad shares valued at Rs 500 crore on January 23.

Each Wipro chairman Rishad Premji and non-executive director Tariq Premji of Wipro Enterprises received about 51 lakh shares from Azim Premji. 51,15,090 equity shares of Wipro were received as a gift from Azim Premji, according to a different Wipro filing from Rishad Premji. An analogous notification was sent to Tariq Premji, stating that Azim Premji had likewise given him 51,15,090 equity shares of Wipro.

The shares that were gifted make up 0.2% of the equity. Azim Premji, the creator of Wipro Ltd., has transferred 1.02 crore equity shares. The transferred shares will be worth an astounding Rs 483 crore at the current value of the Wipro scrip, which was approximately Rs 472.9 per share at the time of filling.

Following the transfer, Tariq and Rishad each control 0.03 percent of the corporation, while Azim Premji holds 4.3 percent. However, the proposed transaction would not change the overall shareholding of the promoters and promoter group in the company; in fact, it will stay the same.

The price of Wipro”s stock decreased by 1.65% today, January 25, 2024. Shares of the stock closed at 478. At the moment, the stock is selling at 470.1 per share.

Azim Premji, the chairman and founder of Wipro is Dubbed as the ‘Most Generous Indian”. In all, he donated Rs 7,904 crore during the Covid pandemic. Every day, Premji gave away Rs 22 crore. The Azim Premji Foundation donated Rs 1,000 crore, according to the 7th EdelGive Hurun India Philanthropy List 2020 of donors. To combat the Covid-19 epidemic, Wipro contributed Rs 100 crore and Wipro Enterprises Rs 25 crore. This Rs. 1, 125 crore is in addition to the Wipro and Azim Premji Foundation”s yearly CSR initiatives.