Azim Premji donates Rs. 12,300 crore to charity!

February 23, 2013 16:31
Azim Premji donates Rs. 12,300 crore to charity!

IT emperor Azim Premji today announced transfer of 295.5 million equity Wipro shares worth Rs. 12,300 crore held by certain entities controlled by him, to an unalterable trust.

Moreover, the trust will utilise the endowment to fund, various social, not-for-profit initiatives of Azim Premji Foundation, which are expected to scale significantly over the next few years and that with this transfer, the trust's shareholding in Wipro will go up to about 19.93 per cent, according to a statement issued by the Foundation. In fact, the 295.5 million shares of Wipro Ltd represent around 12 per cent stake.

To say more, Azim Premji is also chairman of Azim Premji Foundation and that on February 19, Mr Premji had announced that he will commit more of his wealth to human welfare, as his Foundation scales up working towards improving equity and quality of the primary education system in the country.

As matter of fact, the business tycoon had donated 8.7 per cent of the total stock of Wipro from his personal stock-holding for philanthropy in 2010. This had formed the endowment for the Foundation.

This Noble act from the business tycoon would indeed be the reason for the uplifting of the human welfare in the nation and definitely leading towards a much prospering India.

A Nobleman, a Noble thought!

(AW:Samrat Biswas)

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