Azim Premji Trust is planning to sell 26.67 million (2.6 crore) shares in Wipro at a price range of Rs 255.40 to 260.78 per share, TV news channels reported citing the IT services major. The trust will end selling up to 0.44 per cent stake in the company at a price band fixed at a discount of 3 to 5 per cent to March 7 share price of Rs 268.85, the reports added.
Azim Premji Trust is a part of the promoter group that owns 74.3 percent in the software services provider. Shares of Wipro closed down 3.05 per cent, or 8.45 points at Rs 269 on BSE today.
Rough calculations show that according to Wipro’s current market capitalisation of Rs 1,21,000 crore, sale of 0.44 stake sale will amount to nearly Rs 500 crore.
Meanwhile, Wipro had posted a 31.8 per cent increase in consolidated net profit at Rs 2,544.5 crore for Q3FY18 compared to the year-ago period. The company’s revenue from operations expanded 10.17 per cent to Rs 15,059.5 crore during the period under review from Rs 13,669 crore in the third quarter of FY18.
Wipro had also posted IT services revenue of Rs 14,665.6 crore for the quarter ending December, a rise of 2 per cent as against Rs 14,377.3 crore reported during the previous quarter.
“Our strategic investments, backed by strong client relationships and client spends towards enterprise modernisation and digital transformation have enabled us to deliver a very satisfying quarter,” Wipro CEO and Executive Director Abidali Z Neemuchwala had then said.
Source: Financial Express