New Delhi: Azim Premji-owned Wipro Enterprises will seek nod from its members to reduce share capital to provide an exit option to non-promoter shareholders.
The company, which was demerged from the flagship firm Wipro in 2012, has called an Extraordinary General Meeting (EGM) on January 13 to reduce its share capital to Rs 476.14 crore from Rs 492.32 crore.
“Many shareholders approached that an exit option be provided to them as the company’s shares are unlisted and they should be given an opportunity to offer their shares for sale.
“Hence, it is proposed to satisfy the requirement of the shareholders and to give an exit opportunity to them,” the company said in a notice on extraordinary general meeting on its website.
As part of the exercise, the company plans to extinguish around 1.62 crore fully paid equity shares of Rs 10 each held by non-promoter shareholders.
In 2012, Wipro demerged three non-IT business divisions — Wipro Consumer Care & Lighting (including furniture business), Wipro Infrastructure Engineering (hydraulics and water businesses) and Medical Diagnostic Product & Services business — into a privately-held company to be named ‘Wipro Enterprises Ltd’.
Wipro Enterprises is not listed on the stock exchanges.
Wipro Consumer Care sells soaps, talcum powders, deodorants and hand wash products under the Santoor brand.