Wipro’s Chairman, Azim Premji is in exploratory talks to cut his holding in the company and is looking to reduce his stake by 4.47% from 79.61% to 75.14%. At the current market price, 4.47% stake in Wipro is valued at Rs 3,993.4 crores.

The stake is likely to be sold partly in the open market and partly to mutual fund houses.


Proceeds thus raised would be routed to its Premjiinvest & education arm and about Rs 2,000 crores from the sale would be used to promote education initiatives.


The discussions are still at the initial stages and the stake sale likely to commence only in about 2-3 quarters. This move could likely be in tandem with the government’s mandate of listed companies having 25% in public shares.


Last year, Narayana Murthy, one of the founders of IT major Infosys, had sold 800,000 shares in order to raise money to set up a venture capital fund to support young entrepreneurs