Wipro Acquires Full Ownership of Women’s Business Park Technologies

On April 4, 2024, Wipro Limited informed in an exchange filing that the company’s step-down subsidiary, Wipro Arabia Limited, had signed an agreement on April 3 towards the transfer of shares held by Princess Nourahh Bint Abdulrahman University’s Endowment Company in Women’s Business Park Technologies Limited, which is another step-down subsidiary of Wipro Limited.

The company stated that after the completion of the transfer, as mentioned above, Wipro Arabia Limited’s holding in Women’s Business Park Technologies Limited will increase from 55% to 100%. Wipro Arabia Limited will acquire 16,875 shares, which is a 45% stake in the Women’s Business Park Technologies Limited.

Wipro Limited informed in the exchange filing that the acquisition objective is to rationalise and consolidate the group structure in Saudi Arabia. Further, they added that the acquisition requires Government and regulatory approvals. The transaction is expected to be completed during the quarter ending June 30, 2024, subject to receipt of requisite regulatory approvals and customary closing conditions.

The nature of the purchase consideration involves a full and final payment of SAR 10,350,000.

The Women’s Business Park (WBP) is the premier IT, outsourcing and engineering hub of Saudi Arabia. It promotes technology innovation, advancement in the knowledge economy, and the role of women in a wide range of engineering services.

Women’s Business Park Technologies Limited was incorporated as a joint venture between Wipro Arabia Limited and Princess Nourahh Bint Abdulrahman University’s Endowment Company in the year 2017. During the incorporation, Wipro Arabia Limited held a stake of 55%, and Princess Nourahh Bint Abdulrahman University’s Endowment Company held a stake of 45% in the joint venture company. The company was incorporated to offer information technology-related services.

Women’s Business Park Technologies Limited reported a revenue of SAR 32,766,000 in FY 2023, SAR 20,007,000 in FY 2022 and SAR 42,221,000 in FY 2021.

On April 5, 2024, the share price of Wipro Limited opened at ₹486.50, touching the day’s high at ₹486.90, as of 9:37 AM on the NSE.

About Wipro Limited

Wipro Limited is a leading technology services and consulting company. They focus on building innovative solutions that handle clients’ most complicated digital transformation requirements. In FY 2023, the company reported a revenue of USD 11.3 billion.

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