Azim Premji Foundation, the non-profit organisation owned by Wipro Chairman Azim Premji, sold 810,000 shares on March 12 — the same day the Karnataka Assembly passed the Azim Premji University Bill, 2010. The sale is expected to have fetched the foundation close to Rs 60 crore, which may be used to part-fund the university.
After the sale, the foundation was left with over 6.5 million shares — less than 0.5 per cent of the company’s total shares.
The Azim Premji Foundation had given the proposal for the university to the Karnataka government last year after it decided to allow private universities to come up in the state.
According to the the foundation, the university will work towards strengthening the backbone of elementary and higher education in the country by providing proper training and professional courses to teachers.
The Karnataka Legislative Assembly has already passed the Bill. It is expected to get the approval of the Upper House (Legislative Council). Dileep Ranjekar, CEO of Azim Premji Foundation, told Business Standard the foundation was waiting for “legal hurdles” to be cleared before deciding on the quantum of investment and finalising the location for the varsity.