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July 07, 2015

Indian Mogul Premji Allocates $3.8 Billion in Stock to Trust

Indian technology magnate Azim Premji has donated an additional 18 percent stake in software company Wipro to his charitable trust, lifting his total philanthropic commitment to more than half his fortune, The Economic Times reports. Mr. Premji had already committed 39 percent of his firm's stock to philanthropic initiatives, according to Wipro's annual report for the year ended March 2015.

Based on the $15.7 billion value of Mr. Premji's 73.39 percent stake in Wipro, his latest contribution is worth some $3.8 billion. He gave nearly $2 billion to the trust in late 2010 and donated an additional $2.3 billion in stock in February 2013, a few days after he became the first Indian to sign the Giving Pledge. His philanthropy has focused on primary and higher education for India's poor.