Azim Premji philanthropic arms received Rs 18,000 cr in last five years
Azim Premji Trust and Azim Premji Philanthropic Initiatives, two of his philanthropic arms, are classified as part of the promoter group
New Delhi: Azim Premji, who is widely known for his philanthropic work, received Rs 18,000 crore in dividends and buybacks in the past five years. The number has only been rising since 2019 when he committed that the economic benefits that come from 67 per cent of Wipro shares, through dividends, share sales etc, will go to his endowment.
Azim Premji Trust and Azim Premji Philanthropic Initiatives, two of his philanthropic arms, are classified as part of the promoter group. These entities hold 10.2 per cent and 0.27 per cent of the company respectively.
In the fiscal year ended 2017, 2018, 2020 and 2021, the philanthropic arms received Rs 1,964 crore, Rs 5,894 crore, Rs 1,318 crore, and Rs 8,156 crore respectively, as mentioned in a report in Times of India. These amounts came from the buybacks in those years.
In fact, in 2020, as much as 86 per cent of the Rs 9,500-crore buyback went directly to the two shareholding philanthropic arms. Most of the shares tendered for this offer might have come from these arms as their shareholding decreased from 13.6 per cent to 10.5 per cent between FY20 and FY21.
The Azim Premji Foundation was established in 2000 with an aim to facilitate universalisation of primary education. Azim Premji Philanthropic Initiatives was set up in 2014 and aims to provide financial support through grants to non-profit organisations that work with the disadvantaged and marginalised people. The foundation has over 1,000 employees and field institutes in over 40 districts.
News Must Read
- IREDA bags Navratna status from government
- EIL and Mongol Refinery resumed external construction activities at Mongol Refinery Project site
- World's Largest Airport Coming; 5 times bigger than Dubai International Airport
- NTPC inks pact with RINL for supply of limestone
- RBL Bank Q4 Audited Financial results, FY24
- NCL General Manager (Finance) D Sunil Kumar recommended for SECL Director (Finance)
- Bank of Maharashtra Q4 results, Net Profit increased by 44.95 percent to Rs 1,218 crore
- Axis Bank Overtakes Kotak Mahindra Bank to Become India's Fourth Most Valued Lender
- LIC cuts stakes in major PSU stocks
- SJVN CMD Geeta Kapur Inaugurates Construction Works at Sunni Dam Project in Himachal Pradesh