Premji family investment arm strengthens position in Wipro
BENGALURU, INDIA — In a significant market development, the investment division of the Premji family has expanded its stake in Wipro through a substantial block deal valued at ₹4,757 crore (US$57.1 million). The transaction, executed on the National Stock Exchange (NSE), represents a 1.6% ownership stake in the global tech giant.
Transaction details and Wipro’s corporate dynamics
The deal involved Premji Invest purchasing nearly 85 million shares at ₹560 (US$6.72) per share through Prazim Trading and Investment Company. This strategic move reflects a deeper financial commitment to the organization that has been synonymous with the Premji name for decades.
Wipro is a technology services powerhouse with a workforce exceeding 230,000 professionals worldwide. Despite facing industry headwinds with a slight revenue decline to ₹897.6 billion (US$10.77 billion) in the latest fiscal year, Wipro continues to strengthen its market position through this ownership adjustment.
Market response and shareholding restructure
The stock market responded positively to this development, with Wipro’s shares climbing nearly 1% to close at ₹568.60 (US$6.82). This price movement suggests robust investor confidence in the company’s trajectory.
A notable aspect of the transaction involved simultaneous share movements within the promoter group:
- Prazim Traders divested 44.9 million shares
- Zash Traders released 40 million shares
Both transactions occurred at the identical price point of ₹560 (US$6.72) per share, indicating a coordinated restructuring effort.
Industry context
This investment gains additional significance against the backdrop of India’s rapidly evolving IT landscape. The sector’s transformation aligns with projections of substantial growth in the global business process outsourcing market through 2030, highlighting the strategic timing of this stake enhancement.
The transaction demonstrates continued faith in Wipro’s business model while maintaining the promoter group’s strategic influence over the company’s future direction.
