Wipro Chairman Azim Premji took the decision to increase his contribution to the philanthropic activities by Rs 52,750 crore. This has been done by committing 34 percent of his shares to the social service.
With the latest move, Overall commitment to Azim Premji's philanthropic endowment has gone up to Rs 145,000 crore ($21 billion). This massive contribution makes him one of the World's Top Philanthropists.
The Bill & Melinda Gates Foundation leads in this category with $40 billion commitment to philanthropy.
Apparently, Azim Premji was the first Indian to support The Giving Pledge initiative begun by Bill Gates & Warren Buffett. Billionaires who are members of this elite club will contribute minimum 50% of their wealth to philanthropy. With the new move of Azim Premji, Economic Benefits in 34 percent Wipro Shares, be it dividends or shares value, will be used for philanthropy activities.
Azim Premji Family still holds voting rights on the total 74.3% stake they have in Wipro. In Financial Terms, They hold only 7% stake. The Azim Premji Foundation will be receiving more funds from now onwards.