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Wipro Ltd Hives Of Non-IT Business Into Separate Company-The Economic Times

Thursday, 1 Nov 2012 12:37am EDT 

The Economic Times reported that Wipro Limited, which has interests in consumer care, lighting, hydraulics, infrastructure engineering besides IT services which bring in over 80% of revenues, will demerge all non-IT businesses in a separate company called Wipro Enterprises Ltd. In a statement issued a day ahead of announcing financial results, the Company said that Wipro Ltd, the publicly listed company will remain focused on IT services and promoter Azim Premji will remain Chairman of the Company while also assuming the role of Non-Executive Vice Chairman role in the newly created entity. Shareholders of Wipro can either receive one equity share with face value of INR10 in Wipro Enterprises Limited for every five equity shares with face value of INR2 each they hold in Wipro Ltd. Or they could opt to receive one 7% redeemable preference share in Wipro Enterprises Limited, with face value of INR50, for every five equity shares of Wipro Limited that they hold. Alternatively, they could also exchange the equity shares of Wipro Enterprises Limited and receive as consideration equity shares of Wipro Limited held by the promoter. The exchange ratio will be one equity share in Wipro Limited for every 1.65 equity shares in Wipro Enterprises Limited.