Wipro to squeeze out small shareholders from consumer biz

Written By Unknown on Kamis, 01 Januari 2015 | 20.07

Wipro had demerged its un-listed consumer business -- Wipro Enterprises -- in 2012. Minority shareholders hold 3.4 percent stake (1.61 crore shares) in the business.

Minority shareholders of Wipro's consumer business are up in arms after the company decided to squeeze them out, reports CNBC-TV18's Sajeet Manghat.

Wipro  had demerged its un-listed consumer business -- Wipro Enterprises -- in 2012. Minority shareholders hold 3.4 percent stake (1.61 crore shares) in the business.

Wipro Enterprises will convene an EGM on January 13 with a special resolution to reduce its share capital to the extent of shares held by non-promoter shareholders. Wipro is proposing to buy out the entire minority shareholders by paying Rs 367 per share, which has been irking a section of them.

However, according to Wipro, many of these shareholders in August EGM had sought exit option as the company is unlisted.


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