Wipro Ltd, India’s third largest exporter of IT services, has informed the Bombay Stock Exchange that it will hold a meeting of the shareholders of the company on December 28, 2012 to consider and secure the approval for the demerger of non-information technology business into a separate company.
The company’s move to hold the shareholders’ meeting follows the direction of the Karnataka High Court on November 26, 2012, which is a statutory requirement.
The company would seek shareholders approval with or without modification for the scheme of arrangement between Wipro Ltd (Demerged Company), Azim Premji Custodial Services Private Limited (Resulting Company) and Wipro Trademarks Holding Limited (Trademark Company), Wipro said in a filing to BSE.
In November, Wipro had announced a demerger plan to hive off its non-information technology (IT) businesses into a separate company.
Post, the completion of this de-merger scheme, promoter's stake in the company is expected to come down.
Currently, the promoter holding in Wipro is about 78.31%. The promoters would have had to pare their holdings in the company to below 75% before June 2013.
Market regulator Securities and Exchange Board of India (Sebi) recently approved Wipro’s demerger route for the compliance of minimum public shareholding requirement.
The new entity, which will remain an unlisted company, will be known as Wipro Enterprises Limited. The shareholders have been given choice to stay with the listed or unlisted company.
