Bangalore, Feb. 22 (PTI): Giving more to philanthropy, Azim Premji today announced the transfer of 295.5 million Wipro shares worth Rs 12,300 crore held by certain entities controlled by him to a trust.
The trust will utilise the endowment to fund various social, non-profit initiatives of the Azim Premji Foundation. The activities are expected to be scaled up significantly over the next few years, the statement said.
With this transfer, the trust’s shareholding in Wipro will go up to about 19.93 per cent.
The 295.5 million shares of Wipro represent around a 12 per cent stake. Azim Premji is also chairman of the Azim Premji Foundation.
On February 19, Premji had announced he would commit more of his wealth to philanthropy as his foundation scaled up work to improve the quality of the primary education system in the country.
The business tycoon had donated 8.7 per cent of the total stock of Wipro from his personal stockholding for philanthropic purposes in 2010. This had formed the endowment for the foundation.
In a letter for the international “Giving Pledge”, group, he said the foundation had 800 people spread across the country, most of whom were working for the betterment of some of the most deprived regions of the country.
The foundation is a not-for-profit organisation set up in 2001 with an overarching goal to create and sustain initiatives to contribute to a just, equitable, humane and sustainable society, it said.