Azim Premji gifts Wipro shares worth Rs 500 crore to sons Rishad and Tariq

Billionaire businessman and Wipro founder Azim Premji has gifted over 10 million or 1 crore shares, worth about Rs 500 crore to his two sons, Rishad and Tariq, according to data from the stock exchanges.

The shares amount to 0.20% of the share capital of Wipro, adding 0.10% each to the sons’ holding in the company.

“I, Rishad Azim Premji, (the “Buyer”) wish to intimate you that 51,15,090 equity shares of Wipro Limited (“Company”) has been received as Gift from Mr. Azim Hasham Premji,” said one of the disclosures.


Rishad is currently the chairman of Wipro, while Tariq is vice president at Azim Premji Endowment Fund - an entity set up by Azim Premji to fund his philanthropic initiatives.

Azim Premji, who owned 22,58,08,537 (22.58 crore/225.80 million) shares, or 4.32% of the stake in Wipro, gave 51,15,090 (51.15 lakh/5.11 million) shares each to elder son Rishad and Tariq on January 20.

With this transaction, Azim Premji will own 4.12% in the Bengaluru-based company in which he took charge as the chairperson at the age of 21.

The Premji family members together own 4.43% shares in Wipro, including Azim Premji’s wife Yasmeen owning 0.05% and the two sons hold 0.13% each.

The total promoters’ stake in Wipro at the end of December last year stood at 72.90%.

The promoter group includes three partnership firms—Hasham Traders, Prazim Traders and Zash Traders—together own 58%. Azim Premji Philanthropic Initiatives and Azim Premji Trust also hold 0.27% and 10.18%, respectively. The remaining 0.03% is held by Hasham Investment and Trading Co.

Wipro shares ended at Rs 478 apiece on Wednesday valuing the total 1,0230,180 (over one crore) shares gifted to the two sons at Rs 489 crore.