Azim Premji donates shares worth $2.3 bln to charity

Last Updated: Sat, Feb 23, 2013 04:40 hrs

Indian billionaire Azim Premji has donated shares worth 123 billion rupees in Wipro Ltd to a philanthropic trust he controls.

Premji transferred 295.5 million shares from his stake in Wipro to the trust that controls the Azim Premji Foundation, a not-for-profit organization working in the education sector in India.

According to the Wall Street Journal, the shares represent 12 percent of the total outstanding shares of Wipro, one of India's largest outsourcing services company.

Premji said in a statement that this trust 'will utilize the endowment to fund various social, not-for-profit initiatives of the foundation, which are expected to scale significantly over the next few years'.

According to the report, this is his second major donation to charity.

In 2010, Premji transferred 88.46 billion rupees worth of shares he and his family held in Wipro to the trust. (ANI)

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