An offer by a trust controlled by Wipro's billionaire founder Azim Premji to sell up to 35 million shares got about 71% covered at the close of the auction on Wednesday, according to stock exchange data.
The issue got bids for 24.8 million shares, which is worth about Rs 10,700 crore at the stock's Tuesday close price of Rs 430.95. Details of the price at which the Wipro shares will be allotted were not immediately available.
Proceeds from the Wipro share sale will be used to finance the education activities of the Azim Premji Foundation, a non-profit unit set up by the founder to improve the quality of education in the country.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app