Azim Premji Philanthropic Initiatives, Azim Premji Trust will be biggest beneficiaries of proposed Rs.2,500 crore share repurchase plan, getting at least Rs.1,000 croreBengaluru: Billionaire and philanthropist Azim Premji’s two philanthropic arms, Azim Premji Philanthropic Initiatives Pvt. Ltd (APPI) and Azim Premji Trust (APT), will be the biggest beneficiaries of Wipro Ltd’s proposed Rs.2,500 crore share repurchase programme, getting at least Rs.1,000 crore. The company will fund this share repurchase from the $1.5 billion cash on its books as on 31 March. Under the proposed share buyback, which starts on 17 June and ends on 30 June, Wipro will repurchase up to 40 million shares at a price of Rs.625 a share. The shares held by the Azim Premji Foundation, which was established in 2001, were transferred to APPI.

Source: Mint June 10, 2016 18:11 UTC