Wipro share offer gets 71% covered

An offer by a trust controlled by Wipro's billionaire founder Azim Premji to sell up to 35 million shares got about 71% covered at the close of the auction on Wednesday, according to stock exchange data.

March 14, 2012 / 15:54 IST

An offer by a trust controlled by Wipro's billionaire founder Azim Premji to sell up to 35 million shares got about 71% covered at the close of the auction on Wednesday, according to stock exchange data.

The issue got bids for 24.8 million shares, which is worth about Rs 1,070 crore at the stock's Tuesday close price of Rs 430.95. Details of the price at which the Wipro shares will be allotted were not immediately available.

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.

first published: Mar 14, 2012 02:16 pm

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