Premji mum on 25% public float in Wipro

IT blue-chip Wipro, whose promoters own 80 per cent in the company, today said it expects the finance ministry to bring in changes to the proposed 25 per cent public float norm for listed companies.

Markets have been debating how the proposed rules would impact Wipro whose chairman Azim Premji's holding is over 75 per cent. Unveiling Wipro's first quarter earning, Premji declined to comment when asked if he would bring down his stake in the company.

Wipro's Chief Financial Officer Suresh Senapaty said "PSUs have raised a lot of issues in terms of overhang of 25 per cent... We expect some kind of changes in this regard."

He said that the government itself wants to "make some changes (in the 25 per cent clause)".

However, Wipro said that the company will comply with the rules.

According to the new rules, listed companies have to have at least 25 per cent public holding. They can raise the public holding by 5 per cent each year to reach the threshold.

Country's third-biggest software exporter Wipro is part of the benchmark 30-share index Sensex of the Bombay Stock Exchange (BSE). Wipro shares today closed 1 per cent down at Rs 412.10 on the BSE after surging over 4 per cent in the morning trade.