Wipro Chairman Premji pledges 34 percent of company shares for philanthropy

The commitment, would take the total value of the endowment corpus contributed by Premji to 1.45 trillion rupees ($21 billion) and has cemented the 73-year-old billionaire’s place alongside the world’s most influential philanthropists including Bill Gates, George Soros and Warren Buffett. 

 

Wipro Ltd Chairman Azim Premji has pledged about 34 percent of the company’s shares,worth 527.50 billion rupees ($7.5 billion) controlled by him toward philanthropy, the Azim Premji Foundation said on Wednesday.

 

The commitment, would take the total value of the endowment corpus contributed by Premji to 1.45 trillion rupees ($21 billion) and has cemented the 73-year-old billionaire’s place alongside the world’s most influential philanthropists including Bill Gates, George Soros and Warren Buffett. 
 

Premji and entities controlled by him hold about 74 percent stake in Wipro, according to exchange data.

 

Premji, India’s second richest man, was instrumental in turning Wipro from a vegetable oil manufacturer to a software services company nearly four decades ago.

 

Azim Premji Foundation is a not-for profit organization that works in the field of education and runs a university in Bengaluru.

 

Shares of the Bengaluru-headquartered software services exporter closed at 257.90 rupees on Wednesday.

 

This has cemented the 73-year-old billionaire’s place alongside the world’s most influential philanthropists including Bill Gates, George Soros and Warren Buffett. 

 

The Indian Philanthropy Report released last week by Bain & Company estimated that excluding contributions by the Bengaluru based software mogul, donations of Rs 10 crore and above have declined 4% in India since 2014 even as the proportion of the ultra-rich — those with a net worth of over $50 million — grew by 12%. 


Comments