Azim Premji on Friday Feb 22,2013 announced transfer of 295.5 million Equity Wipro shares worth Rs 12,300 crore(represent about 12 % stake) held by certain entities controlled by him, to an irrevocable trust. The trust will utilise the endowment to fund, various social, not-for-profit initiatives of Azim Premji Foundation
With this transfer, the trust's shareholding in Wipro will go up to about 19.93 per cent, according to a statement issued by the Foundation.
Earlier in 2010 Azim Premji had donated 8.7 % of the total stock of Wipro from his personal stock-holding for philanthropy. This had formed the endowment for the Foundation. In a letter for the first international "Giving Pledge", group, he said the Foundation currently has 800 people spread across the country: most of whom are working for the betterment of some of the most disadvantaged regions of the country, and others at the Azim Premji University
The Foundation is a not-for-profit organisation set up in 2001 with an overarching goal to create and sustain initiatives to contribute to a just, equitable, humane and sustainable society, it said. The Foundation has worked largely in rural India, often in close partnership with various state governments, to help contribute to the improvement of quality and equity of school education.
Currently, the Foundation's work is spread across Karnataka, Uttarakhand, Rajasthan, Chhattisgarh, Puducherry, Andhra Pradesh, Bihar and Madhya Pradesh
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