New Delhi: In a generous move, Azim Premji, the founder chairman of IT major Wipro, has gifted shares worth Rs 500 crore to his sons, Rishad and Tariq, as per an official exchange filing.

Gift Details

On January 23, Azim Premji transferred over 51 lakh shares each to his sons, Rishad Premji, who is the chairman of Wipro, and Tariq Premji, serving as Wipro Enterprises non-executive director. This substantial gift represents 0.2 percent of the company’s equity. (Also Read: Senior Citizen 5-Year FDs Of SBI, HDFC, ICICI, PNB vs SCSS: Where Should You Park Your Savings?)

Equity Holdings Post-Transfer

After this transfer, Azim Premji’s ownership in Wipro stands at 4.3 percent. In contrast, Rishad and Tariq now possess 0.03 percent each of the company’s equity. (Also Read: Bank Holiday ALERT! Financial Institutions To Be Closed On Three Consecutive Days This Month)

Stock Market

Following this development, on January 24, Wipro’s stock closed 1.9 percent higher at Rs 478.75 on the National Stock Exchange.

Wealth Distribution In the Premji Family

As of last week, Azim Premji owned 22,58,08,537 shares, constituting 4.32 percent of Wipro. With the recent gift of shares, the Premji family collectively holds 4.43 percent of Wipro. This includes Azim Premji’s 4.12 percent, his wife Yasmeen’s 0.05 percent, and each of his sons holding 0.13 percent.

Promoter Group Holdings

As of the end of December last year, the promoters collectively owned 72.9 percent of Wipro. The Promoter Group includes three partnership firms – Hasham Traders, Prazim Traders, and Zash Traders – holding 58 percent.

Azim Premji Philanthropic Initiatives and Azim Premji Trust collectively own 10.45 percent. The remaining 0.03 percent is held by Hasham Investment and Trading Co.

Azim Premji: Net Worth

Considering the latest developments, Azim Premji’s total wealth is estimated to be around $11.3 billion. This includes $1.3 billion in Wipro shares and $10 billion worth of Wipro Enterprises Ltd.