Azim Premji Foundation to sell 35 mn shares through auction
Bangalore: Azim Premji Trust, the promotor group firm of IT major Wipro, will sell 35 million shares through auction route.
"In order to support the continuing scale up of the Foundation, the Azim Premji Trust today informed the stock exchanges that it proposes to sell up to 35 million shares of Wipro Ltd held by it," Azim Premji Foundation said in a statement.
The Foundation is scaling up its field programmes by establishing district and state level institutions focused on capacity building of existing functionaries in the education and development sector and running other education related programs, the statment said.
These shares, as on date, are valued at Rs 1,530 crore but companies spokesperson mentioned that it will look to sell these shares through auction process.
As per filing made by Wipro on BSE, Azim Premji Trust has proposed to sell these equity shares of Wipro on March 14 through a sale on the separate window provided by the stock exchange.
The filing said, "the allocation shall be on price priority method at multiple clearing prices in accordance with the circulars."
A foundation source clarified that the "company will prefer auction of these shares but before that there are certain procedures that need to be followed up."