Premji Invest Acquires Strategic Stake in Wipro

Private equity firm Premji Invest acquired a 1.6% stake in IT company Wipro for INR 4,757 crore through an open market transaction. Prazim Trading and Investment Company, a part of Premji Invest, executed the acquisition via the NSE, while promoter entities Prazim and Zash Traders sold shares.

In a significant financial move, Premji Invest, a leading private equity firm, acquired a 1.6% stake in the renowned IT company, Wipro, on Friday. The transaction, executed through an open market deal, amounted to a staggering Rs 4,757 crore.

The acquisition was facilitated by Prazim Trading and Investment Company Pvt Ltd, an entity of Premji Invest, which completed the purchase through a block deal on the National Stock Exchange (NSE). A total of 8,49,54,128 shares were acquired at an average price of Rs 560 per share.

This transaction comes as part of a broader strategic shift involving Wipro's promoter entities. Prazim Traders and Zash Traders, associated with billionaire Azim Premji, sold a combined total of over 8 crore shares. As a result, Wipro's stock saw a minor rise, closing at Rs 568.60 on the NSE.

(With inputs from agencies.)