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Only 71% of share sale for Wipro's educational NGO gets picked

Mumbai: An offer the Azim Premji Foundation to sell up to 35 million shares got about covered by only 71 percent 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 at the stock's Tuesday close price of Rs 430.95.

Proceeds from the share sale will be used to finance the education activities of the Azim Premji Foundation. Reuters

The auction was to sell up to 35 million Wipro shares, which represent a 3 percent discount to the stock's Tuesday close of Rs 430.95 rupees. The stock on Wednesday closed at Rs 425.40 - down 1.4 percent.

The floor price for a share auction by a trust controlled by software exporter Wipro's billionaire founder Azim Premji has been set at Rs 418 a share, stock exchange data showed on Wednesday.

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.

Reuters