Exhibit 99.1
April 6, 2018
The Manager – Listing
BSE Limited
(BSE: 507685)
The Manager – Listing
National Stock Exchange of India Limited.
(NSE: WIPRO)
The Market Operations,
NYSE, New York
(NYSE: WIT)
Dear Sir/Madam,
Sub: Intimation under Regulation 30
Please find enclosed herewith intimation under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, for your reference and records.
For WIPRO LIMITED
M Sanaulla Khan
Company Secretary
ENCL: As Above
Wipro Limited | T | : +91 (80) 2844 0011 | ||
Doddakannelli | F | : +91 (80) 2844 0054 | ||
Sarjapur Road | E | : info@wipro.com | ||
Bengaluru 560 035 | W | : wipro.com | ||
India | C | : L32102KA1945PLC020800 |
Wipro Limited | April 6, 2018 |
Disclosure under regulation 30 of the Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015
Sr. No. | Particulars | Description | ||
1. | Name of the subsidiary being divested | Wipro Airport IT Services Limited (Wipro Airport IT), which was a Joint Venture (JV) between Wipro Limited (74%) and Delhi International Airport Limited (DIAL) (26%). Wipro Airport IT provides various IT Services at Indira Gandhi International Airport, New Delhi. | ||
2. | Amount and percentage of the turnover or revenue or income and net worth contributed by the subsidiary during the last financial year | Revenues from Operations of Rs. 509 Mn for FY2016-17 (0.1% of Wipro Limited’s consolidated revenues for FY2016-17). Net worth of the subsidiary for FY2016-17: Rs. 133 Mn. | ||
3. | Rationale for the sale of subsidiary | Wipro Limited has sold 63% of its stake in Wipro Airport IT to Antariksh Softtech Private Limited as part of divesture of the subsidiary. DIAL is considering expansion of the airport and procuring more assets under the JV. The parties have mutually agreed to introduce a third party into the JV, with reduction of stake by Wipro. Consequent to the sale, Wipro Limited holds 11% stake in Wipro Airport IT. Wipro Airport IT will continue to outsource IT services of the airport to Wipro Limited as per the existing arrangement. | ||
4. | Date on which the agreement for sale has been entered into | April 5, 2018 | ||
5. | Government & regulatory approval required | None | ||
6. | The expected date of completion of sale | Completed on April 5, 2018 | ||
7. | Consideration received from sale | Rs. 3,15,00,000/- (Rupees Three Crores and Fifteen Lakhs only) | ||
8. | Brief details of buyers, including name and area of business, and whether any of the buyers belong to the promoter/promoter group/group companies. If yes, details thereof | The buyer is Antariksh Softtech Private Limited (Antariksh). Antariksh was incorporated in October 2006 and has its registered office at No.11/1, KHR house, palace road, Bangalore- 560052. Antariksh, alongwith its group companies, is engaged in the business of providing technology solutions and other information & communication services. | ||
The buyer does not belong to the promoter/promoter group. | ||||
9. | Whether the transaction would fall within related party transactions? | No |