MUMBAI (Reuters) - The floor price for a share auction by a trust controlled by software exporter Wipro’s (WIPR.NS) billionaire founder Azim Premji has been set at 418 rupees a share, stock exchange data showed on Wednesday.
The floor price for the auction to sell up to 35 million Wipro shares represents a 3 percent discount to the stock’s Tuesday close of 430.95 rupees. The auction got only 71 percent covered at the close.
Proceeds from the Wipro share sale will be used to finance the education activities of the Azim Premji Foundation, a non-profit unit set up by the founder to improve the quality of education in the country.
Reporting by Sumeet Chatterjee; Editing by Subhadip Sircar