March 13, 2019 / 12:58 PM / a year ago

Wipro Chairman Premji earmarks economic benefits from 34 pct stake for philanthropy

March 13 (Reuters) - Wipro Ltd Chairman and founder Azim Premji will allocate economic benefits from nearly 34 percent of the company’s shares held by entities controlled by him to philanthropy, the Azim Premji Foundation said on Wednesday.

This here would take the total value of the endowment corpus contributed by Premji to 1.45 trillion rupees ($20.86 billion).

Premji and entities controlled by him hold about 74 percent stake in Wipro, according to exchange data.

Azim Premji Foundation is a not-for profit organisation that works in the field of education, and runs a university in Bengaluru.

Shares of the Bengaluru-headquartered software services exporter closed at 257.90 rupees on Wednesday.

$1 = 69.5100 Indian rupees Reporting By Arnab Paul in Bengaluru; Editing by Shreejay Sinha

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