Wipro gets nod to meet public holding rules by share transfer

Last Updated: Thu, May 09, 2013 16:20 hrs

May 9 (Reuters) - Wipro Ltd, India's third-largest software services provider, said the country's capital markets regulator had approved its proposal to meet minimum public shareholding rules through a transfer of shares by its founder group to an independent trust.

The Securities and Exchange Board of India has made it mandatory for listed companies to have at least 25 percent public shareholding by June.

As of the end of March, Wipro's founder group held a stake of about 78 percent in the company.

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