If the latest buzz in the market is to be believed then Chairman of Wipro, Azim Premji is into the talks of selling off his 4.47 per cent stake. Post this sale, the total stake of the businessman will become 75.14 per cent as against the current holding of 79.61 per cent.

At the current market price, it is expected that the sale will fetch him Rs. 3,993.4 crore, which is by no means a small amount. News reports suggest that the selling will be partly in the open market and the rest will use the mutual fund route.

The money thus raised would be used for personal purposes and also will be used for the strategic plans of the company. As much as Rs. 2,000 crore will be infused into Premji Invest & Education arm, while the rest will fuel other plans.

The news reports suggest that the sales discussions are in their initial stages and will commence only after a period of six to nine months. This step is being taken since the regulations are that the listed companies need to have at least 25 per cent as public shares.