A trust controlled by Wipro’s billionaire founder Azim Premji plans to sell up to 35 million shares or around a 1.4% stake in Wipro on the stock market via a new auction process to fund education projects.
The money will be used to fund the expansion of Azim Premji Foundation, which is working to improve teaching and learning in some of India's most backward districts. It will also help the Azim Premji University scale up its teaching and research work.
Premji and his family own about 79% of the country's third-largest software exporter through various units that include the Azim Premji Trust, which will sell the shares.
Wipro, which is also listed in New York, is India’s 11th most valuable company with a market capitalisation of more than $21 billion.
