Pranab lauds Premji's philanthropic initiative

Finance Minister Pranab Mukherjee today appreciated IT czar Azim Premji's decision to transfer Wipro shares worth Rs 8,846 crore to an endowment trust set up by him for promotion of education in rural areas.

"I welcome it. It's a very good decision. I congratulate Premji," Mukherjee said on the sidelines of an event here.

Yesterday, Premji had said he would transfer Wipro shares worth Rs 8,846 crore to his endowment trust later this month, with a view to fund the philanthropic activities of the body.

Once the share transfer is complete, the promoters' stake in Wipro would come down to 72 per cent from 79.36 per cent at present.

The share transfer would be concluded on December 7.

The foundation, which was set up in 2001, works largely for the cause of education in rural India.

Premji, who is also the founder of Wipro, plans to set up the Azim Premji University, which is expected to start operations next year. The university will offer programmes and conduct research in the field of education and other related areas.