Wipro today said trustees of the Wipro Inc Benefit Trust have sold more than 18 lakh shares of the country’s third-largest software firm in a deal estimated to be worth over Rs 100 crore.
“All the 18,10,388 shares of Wipro, which were held by Wipro Inc Benefit Trust have been sold at an average market price of Rs 552.43 per share,” Wipro said in a filing to the BSE.
It added that the sale took place between December 9 and December 11, 2104.
In a filing on October 22, Wipro had said Wipro Inc Benefit Trust held 1.8 million shares of the company, arising out of a scheme of amalgamation between CMango India, Mpower Software Services India and Mpact Technology Services with Wipro Limited in 2007.
Since the trust deed provides for dissolution following the sale of shares, the trustees are now permitted to sell the shares in open market, it had said.
The entire sale proceeds will accrue to the Trust whose sole beneficiary is Wipro LLC, a subsidiary of Wipro Ltd.