India's leading software services provider, Wipro is demerging its non-IT business into a separate company called Wipro Enterprises. India's third largest IT outsourcer was planning for this demerger from November, 2012 and the split-off legally took effect on March 31, but has not been reflected in shares until April 8, 2013, considering the company's shares no longer take into account the contributions from these non-IT businesses.
The company has decided April 11 as the record date for the demerger, which is effective from March 31. After this demerger Wipro will hive off three units - Wipro Consumer Care & Lighting, Wipro Infrastructure Engineering and Medical Diagnostic Product & Services business - into a separate unlisted company called Wipro Enterprises. All these three units contributed nearly 14% to Wipro's revenue.
