Wipro shareholders approves de-merger plan
Wipro has confirmed that its shareholders have approved the company's plan to de-merger or rearrange all businesses among Wipro Limited, Azim Premji Custodial Services Private Limited and Wipro Trademarks Holding Limited.
In a statement to the stock exchanges, the soaps-to-software services conglomerate said that its shareholders approved the de-merger plan the at a court convened meeting held on December 28.
Announcing the development, Wipro said, "We write to inform the stock exchanges that the shareholders. approved the scheme of arrangement between Wipro Limited, Azim Premji Custodial Services Private Limited and Wipro Trademarks Holding Limited."
Wipro had declared its plans to transfer its non-IT businesses into a separate unlisted entity during the announcement of second-quarter results in November. The main objective behind the move is to allow the management focus on the company's core business - information technology.
The Karnataka High Court had directed the company to get its shareholders' approval for its plans to move its non-core businesses to Azim Premji Custodial Services Limited.
The extraordinary general meeting was attended by nearly 393 shareholders, including a total of 18 from promoters.