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.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
