Azim Premji’s Wipro relocates headquarter in this Muslim country from Al Khobar to…, appoints new MD in Middle East due to…

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Wipro promoter entities also swapped 1.72 pc stake worth Rs 4,675 crore.

IT giant Wipro announced on Monday that it has shifted its Middle East regional headquarters from Al Khobar to Riyadh, Saudi Arabia. 

The Bengaluru-based company also revealed the appointment of Mohamed Mousa as Managing Director for the Middle East, operating from the newly established headquarters, as per a regulatory filing.

The new office is the latest addition to Wipro’s presence in the country,  which includes offices in Riyadh, Al Khobar, Jeddah, and Jubail.

Further, Wipro said it has signed a Memorandum of Understanding (MoU) with Prince Mohammad Bin Fahd University (PMU) to establish a Center of Excellence (CoE) in Riyadh.

The CoE aims to train local talent through academic training in advanced technologies, hands-on-experience, and access to Wipro’s resources. Wipro shares settled at Rs 259.00 apiece on the BSE on Wednesday, 1.62 per cent higher than the previous close.

Wipro Promoter Entities Swap Stake

About 18.05 crore shares of Wipro, amounting to a 1.72 per cent stake, were exchanged among promoter group entities through open market transactions on Wednesday, according to the exchange data.

Following the share sale, Wipro shares appreciated by 1.61 per cent to close at Rs 258.95 apiece on the BSE. The stock settled 1.62 per cent higher at Rs 259 per piece on the National Stock Exchange (NSE).

According to the block deal data on the NSE, promoter entity Azim Premji Trust sold a total of 18.05 crore equity shares or 1.72 per cent stake in Bengaluru-based Wipro. The transaction valued at around Rs 4,674.77 crore, was executed at an average price of Rs 258.99 per share.

Meanwhile, Prazim Traders and Zash Trader (part of Wipro’s promoter group) bought these shares at the same price.

On Monday, Azim Premji Trust offloaded 20.23 crore equity shares or 1.93 per cent stake in Wipro.

(With Inputs From PTI)