India's Wipro shares sale gets lukewarm response

Mar 14, 2012

An auction of India's Wipro shares by a trust controlled by its founder and chairman Azim Premji received bids for just under two-thirds of its offer size, stock exchange data showed late Wednesday.

The Azim Premji trust planned to sell up to 35 million shares in India's third largest listed IT outsourcer, and raise up to $300 million to support education projects across India.

However, data showed the received bids for 24.7 million of the shares, worth some 10.3 billion rupees ($204 million) calculated at Wipro's Tuesday's stock close of 431 rupees.

The company had set its minimum floor price at 418 a share.

A spokesman for the Bangalore-based trust told AFP "bids were being counted", but he declined to confirm if this was the final figure.

Prior to the sale, Premji and his family owned 79.15 percent of , through various units, including the trust.

Premji has described providing good education in India as crucial to eradicating economic inequities in the country. The trust focusses to fund rural education, teacher training and research across India.

The Wipro share sale comes after a sale by state-run oil explorer Oil and Natural Gas Corp (ONGC) received a tepid response from , barely scraping through due to its high offer price.

Explore further: Ticketfly buying WillCall for on-premise data

add to favorites email to friend print save as pdf

Related Stories

Indian IT chief launches salvo at gov't: report

Nov 01, 2011

One of India's most respected businessmen slammed the government in remarks printed Tuesday, saying officials have failed to provide leadership as confidence in the country's economy wavers.

India's Wipro points to weak revenue growth

Apr 27, 2011

Indian software giant Wipro on Wednesday forecast sluggish growth for the coming quarter in its flagship IT services division due to rising costs, as it showed slower-than-expected earnings data.

India's IT leader Wipro revamps leadership

Jan 21, 2011

Indian software major Wipro announced Friday a change in leadership to bolster its profit performance after releasing quarterly earnings that lagged its IT peers.

Recommended for you

Ticketfly buying WillCall for on-premise data

1 hour ago

Ticketfly Inc., a San Francisco-based technology company among several posing a challenge to Ticketmaster, is acquiring WillCall Inc., a crosstown rival that turns your smartphone into a mobile wallet at live events.

HP revenue inches up after years of decline

17 hours ago

Hewlett-Packard on Wednesday reported that its quarterly revenue rose for the first time in three years, nudged by improved computer sales everywhere except Russia and China.

Restaurants experimenting with pay-in-advance tickets

20 hours ago

With restaurant patrons increasingly jumping on the Internet to make reservations, some high-end eateries here and across the country are adding a new tech wrinkle: having their clientele pay for their meal in advance using ...

Chip maker Infineon to buy California firm for $3B (Update)

22 hours ago

German chip maker Infineon Technologies AG says it has agreed to pay $3 billion in cash for California-based semiconductor firm International Rectifier, which produces power-management components used in everything from cars ...

User comments : 0