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Wipro's Scheme Of Arrangement Receives Shareholders' Approval

Leading exporter of software services, Wipro Ltd today said that its shareholders have approved the scheme of arrangement proposed by the company.

On December 28, at the Court Convened meeting, the shareholders approved the scheme of arrangement between Wipro Ltd (Demerged Company), Azim Premji Custodial Services Pvt. Ltd. (Resulting Company) and Wipro Trademarks Holding Ltd (Trademark Company), said the company in its filing to the Bombay Stock Exchange.

In November, the company had approved the demerger of the Wipro Consumer Care & Lighting (including Furniture business), Wipro Infrastructure Engineering (Hydraulics & Water businesses), and Medical Diagnostic Product & Services business (through its strategic joint venture), into a separate company to be named Wipro Enterprises Limited.

"Wipro Limited will remain a publicly listed company that will focus exclusively on information technology. Wipro Enterprises Limited will be an unlisted company," the company said.