A huge gift

Wipro Ltd chairman Azim Premji has transferred 213 million shares, equal to an 8.7% stake in the company in which he held 79.5% at the end of September, and valued at Rs8,846 crore to an eponymous trust as an endowment, to fund the development activities of the Azim Premji Foundation.

In a statement issued by the foundation, Azim Premji said: “We believe that good education is crucial to building a just, equitable, humane and sustainable society. All our efforts, including the university that we are setting up, are focused on the underprivileged and disadvantaged sections of our society.”

Based on the 300% dividend Wipro declared in 2009-10, the 213 million shares would have earned Rs127.8 crore.

The irrevocability of the trust means that its mandate and terms of creation cannot be changed, even by Premji.

Powerful , inspiring action by Azim Premji. Ripples of this action will be felt by multitude of individuals , families , communities,India and the planet.

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This entry was posted on Thursday, December 2nd, 2010 at 10:50 am and is filed under Ideas we ♥, Make a difference. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

One Response to “A huge gift”

  1. gp says:
    December 6, 2010 at 6:56 pm

    very inspiring action !!

    Reply

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