Friday, 18 January 2013

Wipro promoters may sell small stake to meet Sebi norms

Soap to IT services business conglomerate Wipro Ltd’s promoters may sell a small stake to meet the minimum puclic shareholding norm of market regulator and bring down their holding at 75 per cent, said Chairman Azim Premji.
Premji said the stake sale may happen if promoters’ holding doesn’t come down to 75 per cent even after the ongoing demerger process. Promoter and promoter group shareholding in Wipro stood at 78.29 per cent as on December 31, 2012.
He said that promoters’ holding should come down to 75 per cent with the ongoing demerger process and certain other measures taken towards it, if Sebi's interpretation is the same as Wipro has positioned in its application.
Premji further added that if it doesn’t happen then “We will sell a small stake; it will not be large.”
The country’s third largest software exporter has already secured shareholders’ nod for its plan to demerge the entity into two different business units-- Wipro Ltd and Wipro Enterprises Ltd. The former entity will carry the IT business while other businesses like consumer care, ligthing and engineering services businesses will be under the brand Wipro Enterprises Ltd, which will be an unlisted entity.

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