UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
under the Securities Exchange Act of 1934
For the month of April 2018
Commission File Number 001-16139
Wipro Limited
(Exact name of Registrant as specified in its charter)
Not Applicable
(Translation of Registrants name into English)
Karnataka, India
(Jurisdiction of incorporation or organization)
Doddakannelli
Sarjapur Road
Bangalore, Karnataka 560035, India +91-80-2844-0011
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F:
Form 20-F ☑ Form 40-F ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Yes ☐ No ☑
Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): Yes ☐ No ☑
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrants home country), or under the rules of the home country exchange on which the registrants securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrants security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.
DISCLOSURE OF SALE OF SUBSIDIARY
Wipro Limited, a company organized under the laws of the Republic of India (the Company) hereby furnishes the Commission with a copy of the following information relating to the divesture of its subsidiary Wipro Airport IT Services Limited (Wipro Airport IT Services) to Antariksh Softtech Private Limited (the Wipro Airport IT Services Divestment) . The following information shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
On April 6, 2018, the Company informed the securities exchanges in India on which its securities are listed and the New York Stock Exchange that it has completed the Wipro Airport IT Services Divestment. A copy of the letter to the securities exchanges is attached hereto as Exhibit 99.1.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly organized.
WIPRO LIMITED |
/s/ Jatin Pravinchandra Dalal |
Jatin Pravinchandra Dalal |
Chief Financial Officer |
Dated: April 9, 2018
INDEX TO EXHIBITS
Item |
||
99.1 | Letter to Securities Exchanges, dated April 6, 2018, announcing completion of the Wipro Airport IT Services Divestment. |
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 FY 2016-17 (0.1% of Wipro Limiteds consolidated revenues for FY 2016-17). Net worth of the subsidiary for FY 2016-17: 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 |
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