Wipro's Azim Premji gives 18% of his stake in company for charity

Wipro's Azim Premji gives 18% of his stake in company for charity

Wipro Ltd’s chairman Azim Premji, who is India’s top giver, has given away an additional 18% of his stake in India’s third largest IT services company to his foundation.

The billionaire founder’s latest share transfer will bring an additional Rs 530 crore into the Azim Premji Foundation’s corpus this year by way of dividends and help expand its reach.

Premji who set up the Azim Premji Foundation in 2001 to focus on philanthropy and improve the country’s school system, signed a giving pledge in 2013 along with philanthropists such as Warren Buffett and Bill and Melinda Gates among others.

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Current News: Azim Premji first Indian to sign up for Gates-Buffett charity

Azim Premji first Indian to sign up for Gates-Buffett charity

Azim Premji has become the first Indian to sign up for the Giving Pledge, an undertaking by large-hearted billionaires to dedicate a majority of their wealth to philanthropy.

The Wipro founder and chairman, who has already committed nearly 9,000 crore to the cause of education, will direct more of his charitable giving towards the endowment supporting his philanthropic foundation, Premji wrote in a statement. 

"I was deeply influenced by Gandhi's notion of holding one's wealth in trusteeship, to be used for the betterment of society and not as if one owned it," he wrote to the Giving Pledge organisation, whose prime movers have been Bill Gates and Warren Buffett. 

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