Indian billionaire has given 39% of his company stake to charity

Wipro chairman Azim Premji, who is India’s top giver, has given away an additional 18% of his stake in India’s third largest IT services company to his foundation.

“Over these years, I have irrevocably transferred a significant part of the shareholding in Wipro, amounting to 39% of the shares of Wipro…” said Premji in a letter to the shareholders.

Premji had previously given away 21% of his stake, worth $4.3 billion, to the eponymous foundation. He has allocated an additional 18%, taking his total contribution so far to 39%, according to the company’s 2015 annual report.

Premji set up the Azim Premji Foundation in 2001 to focus on philanthropy and improve the country’s school system, signed a giving pledge in 2013 along with philanthropists such as Warren Buffett and Bill and Melinda Gates among others.

The 69-year-old has been gradually transferring his shares to the foundation over the last five years—in 2010, he transferred 9% of his shares worth $2 billion, and followed it up with a 12% share transfer in 2013 worth $2.3 billion.

The foundation works in eight states which together have more than 350,000 schools.

[Hindustan Times]

Leave a Reply

Your email address will not be published. Required fields are marked *