Premji commits additional 34% stake worth $7.5 b for philanthropy.

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Market value of endowment corpus stands at $21 billion

Wipro Chairman AzimPremji has committed to philanthropy an additional 34 per cent stake in Wipro Ltd belonging to him and valued at Rs. 52,750 crore ($7.5 billion). The new commitment is in addition to the 33 per cent Premji had already earmarked for the AzimPremji Foundation, taking the total market value of the philanthropic endowment corpus to Rs. 1,45,000 crore ($21 billion). Premji’s total stake in Wipro stands at 74.3 per cent. With the additional commitment, the Foundation now has economic ownership of 67 per cent of Wipro. What this means is that all the dividends, bonus and other benefits that accrue to the 67 per cent stake will go towards the endowment that supports Premji Foundation’s philanthropic activities.

“AzimPremji, Chairman of AzimPremji Foundation, has announced that he has increased his commitment to philanthropy by irrevocably renouncing more of his personal assets and earmarking them to the endowment that supports the Foundation’s philanthropic activities. He has done this by additionally earmarking all economic benefits for philanthropic purposes in approximately 34 per cent of the shares in Wipro Ltd currently valued at Rs. 52,750 crore ($7.5 billion) held by certain entities controlled by him,” a statement from the Foundation said on Wednesday. Premji’s earlier donations to philanthropy included Wipro’s shares as well as other assets owned by him. Over the past three years, Premji, through his entities, earned Rs.10,115crore through dividends and share-buybacks from his entire stake in Wipro. According to the Hurun India Philanthropy List 2018, Premji and his family contributed Rs. 113 crore last year. Mukesh Ambani topped the list with contributions worth Rs. 437 crore, followed by Ajay Piramal and family’s Rs.200-crore contribution.

 

 

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