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Wipro's Demerger Plan Gets Karnataka HC’s Nod; Stock Down

Soaps-to-IT services conglomerate Wipro said Karnataka High Court has approved its demerger scheme aimed at hiving-off non-IT businesses into a separated unlisted company and focus exclusively on information technology. In a filing to the Bombay Stock Exchange on March 21, Wipro said, "Hon'ble High Court of Karnataka has approved the Scheme of Arrangement for demerger of 'Diversified Business' of Wipro Limited as provided in the Scheme." Earlier, in December 2012, the Azim Premji promoted company had secured shareholders' nod for the demerger plan that involved creation of a new unlisted company-Wipro Enterprises. The new company will include Wipro Consumer Care & Lighting, Wipro Infrastructure Engineering and medical diagnostic product & services business. At 12:26 hours, shares of the company were trading at Rs 433 a piece, down 0.26 per cent from previous close on BSE

Source - Wipro