Azim Premji’s charitable arms receive over Rs 18,000 crore from Wipro in 5 years in redemptions and dividends

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Highlights

  • Azim Premji, who directly and indirectly owns 73% of Wipro shares, has pledged that the economic benefits from 67% of Wipro shares go to his endowment.
  • The two philanthropic branches Azim Premji Trust and Azim Premji Philanthropic Initiatives are also classified in the promoter group
  • In 2020, nearly 86% of the Rs 9,500 crore buyback went directly to the two shareholder philanthropic arms.

New Delhi: Azim Premji’s two philanthropic branches – Azim Premji Trust and Azim Premji Philanthropic Initiatives – have received more than Rs 18,000 crore in dividends and redemptions over the past five years from Wipro, The Times of India said in a report .

It should be mentioned here that Azim Premji, which directly and indirectly owns 73% of the Wipro shares, has pledged that the economic benefits from 67% of the Wipro shares – in the form of dividends, sale of shares, etc. – go to its endowment.

The two philanthropic branches Azim Premji Trust and Azim Premji Philanthropic Initiatives are also classified in the promoter group and respectively hold 10.2% and 0.27% of the company. In the past five years, the IT exporter has made four buyouts and a substantial part of the Rs 18,000 crore body of work comes from buyouts, the publication said.

During the years ended 2017, 2018, 2020 and 2021, the two philanthropic branches received respectively Rs 1,964 crore, Rs 5,894 crore, Rs 1,318 crore and Rs 8,156 crore of redemptions for those years. In 2020, nearly 86% of the Rs 9,500 crore buyback went directly to the two shareholder philanthropic arms.

Premji created the Azim Premji Foundation in 2000. Its objective was to facilitate the universalization of primary education. Azim Premji Philanthropic Initiatives, created in 2014, provides financial support through multi-year grants to non-profit organizations that work for the most disadvantaged and marginalized people. The foundation has more than 1,000 employees and has field institutes in more than 40 districts across six states and one Union territory. It has made important commitments to face the health and humanitarian crisis resulting from the Covid pandemic.

Premji was recently ranked 12th among the world’s greatest philanthropists of the past 100 years in a report by the EdelGive Foundation and Hurun India.

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