IT major Wipro Limited said on Friday that its promoter Azim Premji Trust has sold 2.66 crore equity shares in a block deal on the Bombay Stock Exchange (BSE).
However, it did not mention further details of the transaction. Reports had earlier suggested that Azim Premji Trust, the philanthropic arm of Wipro, was looking at selling up to Rs 700 crore.
On Thursday, Azim Premji Trust sought pre-clearance for selling equity shares of the company. It was granted permission the same day, Wipro said in a regulatory filing.
“On March 8, 2019, the company has been informed that Azim Premji Trust has sold 2,66,66,667 equity shares of the company on BSE,” the filing added.
The company said it will make necessary disclosures to stock exchanges as required under the Securities and Exchange Board of India (SEBI) Insider Trading Regulations within the prescribed timelines.
“The sale is an independent transaction undertaken by Azim Premji Trust and the company is not a party to any negotiations regarding the same,” it said.
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