Wipro on Monday said its shareholders have approved the company's plans to hive off non-IT business into unlisted arm. 'The shareholders at the court convened meeting held on 28 December 2012, have approved the scheme of arrangement between Wipro Ltd (demerged company), Azim Premji Custodial Services Pvt Ltd (resulting company) and Wipro Trademarks Holding Ltd (trademark company),' it said in a Bombay Stock Exchange (BSE) filing.
A total of 393 shareholders were present at the Extra-ordinary General Meeting, including 18 from promoters and promoter groups, the filing said. The company has about 235,598 number of shareholders. Wipro, which is the country's third largest software firm, had announced last month that it will demerge its non-information technology businesses like Consumer Care & Lighting into a new company to focus exclusively on information technology.
Wipro Ltd will continue to remain a publicly listed company focusing exclusively on IT. The unlisted firm will be called Wipro Enterprises and include Wipro Consumer Care & Lighting (including furniture business), Wipro Infrastructure Engineering (hydraulics and water businesses) and Medical Diagnostic Product & Services business.
A total of 393 shareholders were present at the Extra-ordinary General Meeting, including 18 from promoters and promoter groups, the filing said. The company has about 235,598 number of shareholders. Wipro, which is the country's third largest software firm, had announced last month that it will demerge its non-information technology businesses like Consumer Care & Lighting into a new company to focus exclusively on information technology.
Wipro Ltd will continue to remain a publicly listed company focusing exclusively on IT. The unlisted firm will be called Wipro Enterprises and include Wipro Consumer Care & Lighting (including furniture business), Wipro Infrastructure Engineering (hydraulics and water businesses) and Medical Diagnostic Product & Services business.