Meet man who gifted shares worth Rs 500 crore to his sons, was once richer than Mukesh Ambani, Ratan Tata, Gautam Adani

Wipro founder Azim Premji made a significant gift to his sons, Rishad and Tariq, by transferring 10.2 million shares, amounting to nearly Rs 500 crore, according to a recent stock exchange filing. The gift comprises 51,15,090 shares for each son, equivalent to 0.2% of the company's share capital.

Rishad Premji currently holds the position of Chairman at Wipro, while Tariq Premji serves as the Vice President at the Azim Premji Endowment Fund, an organisation dedicated to supporting philanthropic initiatives.

Following this transaction, the Premji family collectively possesses a 4.4% stake in Wipro. Azim Premji holds 4.3%, Yasmeen Premji holds 0.05%, and each of the two sons owns 0.03%. 

Notably, this gift does not impact the overall promoter and promoter group shareholding and it remains unchanged. The promoter group together holds about 72.9% in Wipro.

Wipro's shares closed at Rs 478 during the recent special trading session, valuing the 10.2 million gifted shares at Rs 489 crore.

Azim Premji, not only known for his wealth, has made significant contributions as India's most prominent philanthropist. His family's donation of Rs 1774 crore in 2023 positioned him as the second most generous person in India, surpassing Mukesh Ambani's contribution of Rs 376 crore.