In a bid to secure approval for the demerger of non-information technology business into a separate company, Wipro, India’s third largest exporter of IT services will hold a meeting of the shareholders of the company on December 28, 2012. The company has convened this meeting to comply with the direction of the Karnataka High Court dated November 26, 2012, which is a statutory requirement.
The company would seek shareholders approval with or without modification for the scheme of arrangement between Wipro (Demerged Company), Azim Premji Custodial Services (Resulting Company) and Wipro Trademarks Holding (Trademark Company).
The promoter’s stake in the company, post the completion of this de-merger scheme, is expected to come down from 78.31% at present.
