Wipro Promoter Stock Shuffle Boosts Market Confidence

Shares of Wipro soared after 18.05 crore shares, or a 1.72% stake, exchanged hands within promoter group entities. The transaction, valued at Rs 4,674.77 crore, saw Azim Premji Trust selling and Prazim and Zash Traders buying. Previously, Premji Trust sold a 1.93% stake for Rs 5,057 crore.

In a strategic move, the promoter group entities of Wipro facilitated the exchange of 18.05 crore shares, equivalent to a 1.72% stake, through open market transactions. This significant swap among insiders has been disclosed in recent exchange data.

Following this transaction, Wipro's stock price received a notable boost, appreciating by 1.61% to close at Rs 258.95 on the BSE. On the NSE, the stock saw a 1.62% increase, settling at Rs 259 per share.

The intricate transaction saw the Azim Premji Trust divesting its 1.72% stake, valued at Rs 4,674.77 crore, at Rs 258.99 per share. Meanwhile, promoter affiliates Prazim Traders and Zash Traders acquired the shares, a continuation of their active management witnessed last year with similar transactions.