Sebi exempts Premji firm from open offer

Capital market regulator Securities and Exchange Board of India (Sebi) has exempted Hasham Investment and Trading Company Private Limited (HITCPL) from the requirement of an open offer for its proposed acquisition of shares of Wipro.

HITCPL is part of Wipro founder Azim Premji group of entities.

The relaxation, Sebi said, is given as the proposed transaction doesn’t result in any change of control or management and is only an internal re-organisation of the promoter group entities controlled by Azim Premji and family.