Live Webinar on "How to Invest successfully to reach goals without losing sleep" Sign up for Live Webinar

Wipro gains on getting SEBI’s approval for proposal to meet minimum public shareholding requirement

10 May 2013

Wipro is currently trading at Rs. 356.35, up by 1.40 points or 0.39% from its previous closing of Rs. 354.95 on the BSE.

The scrip opened at Rs. 357.00 and has touched a high and low of Rs. 357.00 and Rs. 352.60 respectively. So far 36929 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 418.25 on 09-Apr-2013 and a 52 week low of Rs. 290.11 on 30-Jul-2012.

Last one week high and low of the scrip stood at Rs. 361.50 and Rs. 347.85 respectively. The current market cap of the company is Rs. 87761.26 crore. 

The promoters holding in the company stood at 78.28% while Institutions and Non-Institutions held 10.62% and 9.37% respectively.

Wipro has received SEBI’s approval whereby the regulator has approved the company’s proposal to meet the minimum public shareholding requirement through a transfer of equity shares by the promoter group to an ‘Irrevocable Independent Trust’ with Trustees either from public sector banks or public financial institutions for advancing philanthropic activities through its beneficiaries. JM Financial acted as the advisor in this matter.

The Irrevocable Independent Trust shall be categorized as public shareholding for the purpose of the minimum public shareholding criteria of 25% specified under the Securities Contract (Regulation) Rules, 1957 and clause 40A of the Listing Agreement.

Wipro and the promoter group have undertaken multiple steps to fulfill the minimum public shareholding requirement including Offer for Sale (OFS). The demerger of the diversified business is also expected to increase public shareholding. Any shortfall to meet public shareholding prior to due date of meeting the minimum public shareholding requirement would be transferred to the Irrevocable Independent Trust and the Trust shall effect a sale of such equity shares forming part of the trust funds within a period of two years from the date of such settlement.

Related Wipro Ltd. Links:

Wipro Share Price

557.85 -3.75 (-0.67%) Jun 15, 18:01
1 Year Price Chart
Peers
Company Name CMP
TCS 3262.45
Infosys 1472.85
HCL Tech. 985.40
Wipro 557.85
Tech Mahindra 1066.90
View more..
Sensex vs Wipro
Puchho Befikar
SEBI Registered: Investment Adviser - INA000013323

Callback