Wipro rises on shareholders nod for demerger

The company would hive off its non-IT businesses into a separate unlisted company so that it could focus exclusively on information technology.

Wipro is trading higher by 2% at Rs 398 in an otherwise subdued market in early morning trades after the company said that the shareholders have approved the company's demerger plan in a court convened meeting held in Bangalore on Friday.

"We write to inform the stock exchanges that the shareholders at the court convened meeting held on December 28 have approved the scheme of arrangement between Wipro Limited, Azim Premji Custodial Services Private Limited and Wipro Trademarks Holding Limited" in a statement published on the company's website, Wipro said.

About 393 shareholders were present at the extraordinary general meeting including 18 from promoters and promoter groups, the company said in a statement.

 

Wipro said it would hive off its non-IT businesses into a separate unlisted company so that it could focus exclusively on information technology.

The stock opened at Rs 394 and hit a high of Rs 399 on the NSE. A combined 208,828 shares have changed hands on the counter so far on both the exchanges.