Wipro Chief Azim Premji denies media report on sale of stake

Wipro chairman Azim Premji has denied the latest media report on stake sale in the IT company and termed the news article reportedly published in this regard as "baseless and malicious."

Wipro chairman Azim Premji along with his family own about 73.25% shares in the company. Image Source: IANS

Wipro Chairman Azim Premji has denied a media report that promoters of the IT company were evaluating sale of their holdings and said he "remains committed to Wipro."

In his letter to Wiproites, he had termed the news article reportedly published in this regard as "baseless and malicious."

A news website had on Monday quoting banking sources reported that the promoters of the India's third-largest IT services company are in the early stages of evaluating the sale of the company or some of its units, and have even approached investment banks.

ALSO READ: Wipro chief Premji's salary drops 63% to $1,21,853 in FY17

In the letter sent out late last night to its employees, Premji said he continued to be "incredibly excited" about the potential of the IT industry and Wipro.

"Over the past 50 years, I have seen Wipro grow from a small regional player in vegetable oils to a global leader in technology.. I continue to be incredibly excited about the potential of the IT industry and Wipro.. I see enormous energy within the company to power the success of our clients and therefore the success of Wipro," he said.

"I remain as committed to Wipro as I have ever been.. The news article about promoters of Wipro evaluating sale of their holding in the company is baseless and malicious.. There is no truth to these unsubstantiated rumours," he added.

Premji along with his family own about 73.25% shares in the company.

At 10:22 hours, the stock of Wipro was trading up 0.25% or Rs 1.40 at Rs 557.00 on the BSE.

See LIVE stock updates of Wipro here-