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Wipro To Finalise Demerger Plans In A Shareholders Meet Today

India's leading software exporter, Wipro Ltd has been organizing its shareholders meeting today in Bangalore as part of the direction by the Karnataka High Court to discuss the demerger proposal. The company had earlier said that the shareholders' meeting is convened as it is a statutory requirement. In a statement to Bombay Stock Exchange (NYSE:BSE), Wipro said, "The company would seek shareholders' approval with or without modification for the scheme of arrangement between Wipro Ltd (Demerged Company), Azim Premji Custodial Services Private Limited (Resulting Company) and Wipro Trademarks Holding Limited (Trademark Company)." The demerger would allow the promoter of Wipro Ltd., billionaire Azim Premeji, to reduce the promoter's stake in the company. At present, the promoter holding in Wipro is about 78.31 per cent. As per SEBI guidelines the promoters would have had to pare their holdings in the company to below 75 per cent before June 2013. The market regulator has approved Wipro's demerger route for the compliance of minimum public shareholding requirement.