Wipro founder raises $150 million from share sale

A trust run by Azim Premji is able to sell only half the shares on offer, resulting in yet another disappointing outcome for India's new auction sales method.
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Azim Premji, founder of Wipro
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<div style="text-align: left;"> Azim Premji, founder of Wipro </div>

A trust controlled by Wipro’s founding chairman, Azim Premji, was able to raise Rs7.5 billion $150 million from the sale of shares in the Indian software company roughly half of its targeted amount.

The sale, which was completed on Wednesday, was done through the new offer for sale auction method and becomes to second such trade to show disappointing results. The new method was put in place to make it easier for Indian promoters to reduce their shareholdings as it doesn’t require any documentation and also gives the seller a lot of flexibility with regard to the pricing. The only other transaction done this way so far was the...

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