Wipro’s chairman Azim Premji has earmarked 34% of his shares in Wipro worth Rs 52,750 crore to an endowment fund under the Azim Premji Foundation. Premji is arguably the biggest philanthropist in Indian history, After the latest decision, the total value of the philanthropic endowment corpus contributed by him stands at Rs 145,000 crore, which includes 67% of economic ownership of Wipro. The Azim Premji Foundation works in the field of education directly.
Azim Premji Trust is planning to sell 2.6 crore shares in Wipro at a price range of Rs 255.40 to 260.78 per share, TV news channels reported. The trust will sell upto 0.44% stake in the company at a price discount of 3-5% to March 7 closing share price of Rs 268.85. Azim Premji Trust is a part of the promoter group that owns 74.3% in the software services provider.
IT companies are offering up to 70% salary hike along with retention bonus (equivalent to 1 to 3 months of annual salary) to retain employees with expertise in digital technologies like robotics, machine learning, cognitive tools, artificial intelligence, blockchain, augmented reality. Emerging tech talent is currently at a premium due to short supply, Saurabh Govil, chief HR at Wipro said. At the top level, salaries of such talent range from Rs 2 crore to Rs 4 crore per annum without variables while at the mid-level, the salaries range anywhere around Rs 30 lakh to Rs 50 lakh per annum.
Wipro shares hit a 19-year high at Rs 396 on Monday after the company fixed March 7, 2019, as the record date to determine eligible shareholders entitled to receive the bonus equity shares. The stock was trading at its highest level since February 22, 2000, on the BSE. The board of directors of Wipro at their meeting held on January 18, had recommended issue of bonus equity shares in the proportion of 1:3. The company also received approval for an increase in authorised share capital and issue of bonus shares from the majority of its shareholders.