Wipro gets nod to meet public holding rules by share transfer

Thu May 9, 2013 9:49pm IST

People walk in the Wipro campus in Bangalore June 23, 2009. REUTERS/Punit Paranjpe/Files

People walk in the Wipro campus in Bangalore June 23, 2009.

Credit: Reuters/Punit Paranjpe/Files

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REUTERS - Wipro Ltd (WIPR.NS), India's third-largest software services provider, said the Securities and Exchange Board (SEBI) had approved its proposal to meet minimum public shareholding rules through a transfer of shares by its founder group to an independent trust.

SEBI has made it mandatory for listed companies to have at least 25 percent public shareholding by June.

As of the end of March, Wipro's founder group held a stake of about 78 percent in the company.

(Reporting by Aradhana Aravindan in Mumbai; Editing by David Holmes)

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