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Mar 14, 2012, 04.34 PM IST

Wipro auction floor price at Rs 418 per share

The floor price for a share auction by a trust controlled by software exporter Wipro's billionaire founder Azim Premji has been set at Rs 418 a share, stock exchange data showed on Wednesday.

Source: Reuters
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Wipro auction floor price at Rs 418 per share
The floor price for a share auction by a trust controlled by software exporter Wipro's billionaire founder Azim Premji has been set at Rs 418 a share, stock exchange data showed on Wednesday.


The floor price for the auction to sell up to 35 million Wipro shares represents a 3% discount to the stock's Tuesday close of Rs 430.95. The auction got only 71% covered at the close.


Proceeds from the Wipro share sale will be used to finance the education activities of the Azim Premji Foundation, a non-profit unit set up by the founder to improve the quality of education in the country.


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Tags: Wipro, Azim Premji , Azim Premji Foundation, auction
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