Rishad Premji sells 27.4% of his stake in Wipro

Wipro Chairman Azim Premji's son Rishad Premji, who is also chief strategy officer (CSO) in the company, has sold 27.4%, amounting to 2.6 lakh shares, of his total holding in the company for little over Rs 11 crore.

Prior to this sale, Rishad held 9,46,666 share, or 0.04% stake, in the company, Wipro said in a filing to the Bombay Stock Exchange.

Of the 2.6 lakh shares sold, 2,44,982 units valued at around Rs 10.39 crore were sold at the Bombay Stock Exchange and the rest at the National Stocks Exchange for Rs 63.57 lakh on June 15, the filing said.

Rishad joined Wipro Technologies in 2007 in the Banking and Financial Services Vertical (BFSI) as business head for special projects. In last September he was elevated to the post of CSO.

When contacted, the company declined to comment on the reason for the sale of the shares.

Shares of the company closed at Rs 409 apiece on BSE, down by 1.64% over the previous close.