Azim Premji, chairman of Wipro Ltd., left, listens during a session hosted by Time Magazine on the first day of the World Economic Forum (WEF) Annual Meeting in Davos, Switzerland. (Photographer: Andrew Harrer/Bloomberg)

Premji’s Trust To Sell Up To Rs 700-Crore Stake In Wipro

Billionaire Azim Premji is expected to sell up to 0.44 percent stake in Wipro Ltd. owned through his philanthropic trust, according to two people familiar with the development.

The Azim Premji Trust, part of the promoter group that owns 74.3 percent in the software services provider, plans to sell a minimum of 0.29 percent, or 1.78 crore shares through block deals, the people said on the condition of anonymity as the information is not public yet. The term sheet has a greenshoe option allowing a total sale of 0.44 percent or up to 2.67 crore shares—BloombergQuint has reviewed the term sheet.

The terms indicate the shares will be sold between Rs 255.4 and 260.8 apiece. That implies a discount of 3 to 5 percent to Thursday’s closing price. At the lower end of the price band, the promoters would be able to raise nearly Rs 700 crore (about $100 million).

BloombergQuint awaits the company’s response to emailed queries.

The proposed stake sale comes when Wipro's shares are hovering close to record levels.