Wipro buys 10% stake in Subhiksha

Wipro buys 10% stake in Subhiksha

New Delhi: Software maker Wipro Ltd’s chairman Azim Premji has bought 10% stake in India’s largest discount retail chain Subhiksha Trading Services Ltd for about Rs230 crore.

"The transaction is already through. It materialised a couple of days ago," said Mohit Khattar, president, marketing, Subhiksha.

Business dailies The Economic Times and Business Standard reported on 5 September that Premji bought the stake in Subhiksha in his personal capacity through his private equity fund.

Premji has bought the stake from ICICI Ventures “at a huge premium", said The Economic Times. Both reports attributed the information to unnamed sources.

After Premji’s transaction, Subhiksha’s promoters’ share will be 59%, ICICI Ventures will hold 23%, with mutual funds holding at 5% and employees share will be 3%, the Business Standard said.