March 14, 2012 / 8:48 AM / 6 years ago

India's Wipro share offer gets 71 percent covered

MUMBAI (Reuters) - An offer by a trust controlled by Wipro’s (WIPR.NS) billionaire founder Azim Premji to sell up to 35 million shares got about 71 percent covered at the close of the auction on Wednesday, according to stock exchange data.

Azim Premji, chairman of Wipro Ltd, speaks as he presents the quarterly results at the Wipro campus in Bangalore April 27, 2011. REUTERS/Stringer

The issue got bids for 24.8 million shares, which is worth about 10.7 billion rupees ($214 million) at the stock’s Tuesday close price of 430.95 rupees. Details of the price at which the Wipro shares will be alloted were not immediately available.

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.

($1=50 rupees)

Reporting by Sumeet Chatterjee; Editing by Subhadip Sircar

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