Wipro says it meets minimum public shareholding norms

NEW DELHI: IT major Wipro today said it has got SEBI approval on meeting minimum public shareholding norms after it transferred 6.1 crore shares to an independent trust last month.

In a BSE filing, Wipro said, "the approval received from SEBI vide its letter dated May 8, 2013, Azim Premji Trust, a member of the Promoter Group, on May 3, 2013 has transferred 61,000,000 equity shares of the company to Pioneer Independent Trust."

The transfer is in accordance with the SEBI approval for the purpose of meeting the minimum public shareholding requirement of 25 per cent, it added.

The Bangalore-based software services firm had said last month the 'Irrevocable Independent Trust' will include trustees either from public sector banks or public financial institutions for advancing philanthropic activities.

The Trustees will be either from public sector banks or public financial institutions for advancing philanthropic activities through its beneficiaries, it had said.

JM Financial had acted as the advisor in this matter. Shares of the company today fell by 0.28 per cent to close at Rs 325.65 apiece from its previous close.