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Azim Premji Gives Half of His Stake in Wipro for Charity

by India CSR Network
7 years ago
in More

CSR in IndiaIndiaCSR News Network

BENGALURU: IT czar Azim Premji has given away almost half of his stake holding in Wipro, India’s third largest exporter of software services, to philanthropy. The Wipro’s billionaire founder has given away an additional 18 per cent of his stake in the IT Company for charity, thus earmarking 39 per cent of stake (worth Rs 53,284 crore) for a charitable trust.

The latest philanthrophic initiative by Premji would pump in an additional Rs 530 crore by way of dividends into the Azim Premji Trust’s corpus this year.

69-year old Premji is the first Indian to sign the Giving Pledge, sponsored by billionaires Warren Buffett and Microsoft co-founder Bill Gates to invite the world’s wealthiest to donate majority of their wealth to charity.

“Over the past fifteen years, I have tried to put this belief into action through my personal philanthropic work…” Azim Premji said in a letter to shareholders published in the company’s annual report for the year ended March 2015.

He said, “Over these years I have irrevocably transferred a significant part of the shareholding in Wipro, amounting to 39 per cent of the shares of Wipro, to a Trust (of which ownership in 21.14 per cent was transferred and for the balance the Trust is entitled to beneficial interest of dividends and sale proceeds).”
IndiaCSR Awards Logo (2)The previously transferred 21 per cent stake was estimated at USD 4.3 billion. The promoter group led by Premji holds 73.39 per cent stake in Wipro.

Premji was considered the ‘most generous Indian’ of 2014 according to the Hurun India Philanthropy List. He said the Trust supports the work of The Azim Premji Foundation and Azim Premji Philanthropic Initiative and thus a very significant part of the value created by Wipro, goes towards social causes.

He  also stated in the report that economic value is sustainable only if created on a foundation of ethics and responsibility.

“For us, this is the driving force in the form of our values and is something that we will continue to remain completely committed to” he added. The company’s Social and Sustainability Initiatives are driven by the conviction that corporations should play a significant role in contributing to building a better society, Premji said

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“The owners — individuals or other entities — of such corporations can do a lot more for society, because they can choose to exercise the right of their ownership, and invest their wealth in any social cause, to their utmost” he said.

(IndiaCSR is renowned and No.1 news portal in the domain of CSR, which is live since 2009. www.indiacsr.in is for you and your organization. IndiaCSR believes in uninterrupted generation and flow of information. We also believe in values and extending value based descriptions. IndiaCSR is mirroring what is happening around in the contemporary environment. We request you to support the initiative and promote it within your network. We welcome reactions to the stories, comments on issues that interest you, feedback & comments from your side to make it more purposeful and resourceful. Please send us your organization’s news, press releases, articles and contributions to editor@indiacsrnetwork.com. You can find updates at Facebook IndiaCSR News)

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India CSR is the largest tech-led platform for information on CSR and sustainability in India offering diverse content across multisectoral issues. It covers Sustainable Development, Corporate Social Responsibility (CSR), Sustainability, and related issues in India. Founded in 2009, the organisation aspires to become a globally admired media that offers valuable information to its readers through responsible reporting. To enjoy the premium content, we invite you to subscribe it.

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