Wipro in spotlight after Sebi eases minimum public float norms

Wipro said that the Securities and Exchange Board of India (Sebi) has approved its proposal to meet the minimum public shareholding requirement of 25% through a transfer of shares by the promoters to a trust for supporting philanthropy. The so-called "Irrevocable Independent Trust" will have trustees either from public sector banks or public financial institutions, Wipro said in a statement.

As on 31 March 2013, promoters held 78.28% in Wipro. As per the norms stipulated by the market regulator Securities and Exchange Board of India (Sebi), privately promoted companies are expected to have public shareholding at 25% by June 2013.

Wipro announced in November 2012 that it would separate its non-IT businesses into an unlisted entity, a move which helped reduce Premji's stake in the company. Wipro said on Thursday that any shortfall in meeting the norm would be transferred to the trust. The trust then would sell the shares within two years.

NTPC, Reliance Communications, Ashok Leyland, Central Bank of India, Essar Oil, Apollo Tyres, Balrampur Chini Mills, Cummins India, Graphite India, Punj Lloyd and Sobha Developers, among others, will declare their January-March 2013 quarter results today, 10 May 2013.

Net profit of Escorts rose 61.58% to Rs 37.47 crore on 2.86% decline in net sales to Rs 997.13 crore in Q2 March 2013 over Q2 March 2012.

Reliance Industries (RIL) turns ex-dividend today, 10 May 2013, for dividend of Rs 9 per share for the year ended 31 March 2013.

Bosch turns ex-dividend today, 10 May 2013, for final dividend of Rs 60 per share for the year ended 31 December 2012.

Mahindra Lifespace Developers announced that foreign institutional investors' (FII) limit in the company has reached 28.26% on 3 May 2013. According to the Reserve Bank of India, FIIs can invest up to 30% in the company.

The board of HT Media will meet on 14 May 2013, to consider a proposal for buy-back of equity shares of the company.

The board of Astral Poly Technik will meet on 20 May 2013, to consider a stock split.

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