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Azim Premji to transfer 213 mn shares to trust

The trust, to which the transfer will be made by December 7, has been created to fund various social, not-for-profit initiatives of the company, a filing to BSE said.

twitter-logo PTI   Mumbai     Last Updated: December 3, 2010  | 13:41 IST

Country's third-largest software firm Wipro on Wednesday said its Chairman Azim Premji will transfer 213 million equity shares of the company to a trust controlled by him.

Premji will transfer 213,000,000 equity shares of Wipro, held by entities controlled by him, to an irrevocable trust, it said in a filing to the Bombay Stock Exchange.

The trust has been created to fund various social, not-for-profit initiatives, which are expected to scale significantly over the next few years, it added.

Premji controls the trust and will continue to retain the voting rights of the transferred shares, it said. The transfer would be effected by December 7.

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