Wipro slips as
Azim Premji Trust to pare stake
Date: 13.03.2012
improve the quality of education in the country.
As part of the auction process, Wipro said a floor price for the bidding
would be given to the stock exchange in a sealed envelope before the opening of
the sale at 9:15 IST on Wednesday, 14 March 2012. Bidding closes at 13:30 IST
on the same day.
The sale by Azim Premji Trust, which owns 8.66% of Wipro's outstanding
shares will help the promoter group bring down its shareholding closer to the
75% limit for promoters mandated by the government, from 79.15% at present (as
on 31 December 2011).
In 2010, the government made it mandatory for all listed companies to have
a minimum 25% public holding. Listed companies with less than 25% public
holding are required to reach the stipulated level by enhancing their public
holding by a minimum 5% every year. The deadline for companies to achieve the
stated level of public holding is June 2013.
Wipro's consolidated net profit rose 12% to Rs 1456 crore on 10% rise in
net sales to Rs 9997.20 crore in Q3 December 2011 over Q2 September 2011.
Wipro provides comprehensive IT solutions and services including systems
integration, information systems outsourcing, IT enabled services, package
implementation, software application development and maintenance and research
and development services to corporations globally.
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