Billionaire Azim Premji gifts shares worth Rs. 500cr to sons
What's the story
Azim Premji, the founder chairman of Wipro, has gifted shares worth Rs. 500 crore to his sons Rishad and Tariq, as reported in an exchange filing.
Azim, who turned 78 yesterday, gifted over 51 lakh shares each to Rishad and Tariq. The transaction represents 0.2% of the company's equity.
Following the transfer, Azim's stake in Wipro stands at 4.3%, while Rishad and Tariq each hold 0.03%.
Role of sons
Rishad and Tariq Premji's roles in Wipro
Rishad, aged 47, currently serves as Wipro's chairman while the 46-year-old Tariq is a non-executive director at Wipro Enterprises.
The gift of shares from their father further strengthens their positions within the company.
Under their leadership, the IT giant has experienced significant growth.
Wipro's share price closed 1.9% higher at Rs. 478.75 on the National Stock Exchange on Wednesday.
Sons' background
Rishad a Harvard graduate while Tariq began career with BPO
Rishad has graduated from Harvard Business School and joined Wipro as a business managaer in 2007.
In 2014, he was recognised as a 'Young Global Leader' by the World Economic Forum.
Tariq, is the younger sibling, is a commerce graduate from Bengaluru's St. Joseph's College.
He began his career with a BPO and now leads the two philanthropic arms of Wipro since 2016 — Azim Premji Philanthropic Initiatives and Azim Premji Foundation.