Company: WIT
Filing Date: 2025-05-22
Form Type: 20-F
Source: 0000950170-25-076303
Chunk: 144

Company: WIPRO LTD
Filing Date: 2025-05-22
Form: 20-F
Item: Item 10
Chunk 144
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 of a publicly listed Indian company, the shareholder is required to disclose the aggregate shareholding and voting rights in the company to the company and to the stock exchanges on which the shares of the company are listed. An ADS holder would be subject to these notification requirements.
Upon the acquisition of 25% or more of such shares or voting rights, or a change in control of the company, the purchaser is required to make an open offer to the other shareholders, offering to purchase at least 26% of all the outstanding shares of the company or such number of shares that will result in the public shareholding not falling below the minimum public holding requirement, whichever is lower. Since we are a listed company in India, the provisions of the Takeover Code will apply to us and to the acquisition of ADS having voting rights. The acquisition of ADS having voting rights, irrespective of conversion into underlying equity shares, is subject to disclosures, an acquisition trigger and the reporting requirements under the Takeover Code.
SEBI vide its notification dated May 17, 2024, has notified that for the purpose of determining the offer price for acquisition of shares under the Takeover Code, the effect on the price of equity shares of the target company due to material price movement and confirmation of reported event or information may be excluded as per the framework specified under Regulation 30(11) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021
In August 2021, the SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 (“SBEB Regulations”) were notified and made effective immediately. The SBEB Regulations govern all share-based employee benefit schemes dealing in securities, including employee stock options, employee share purchase, stock appreciation rights, general employee benefits and retirement benefits.
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Under SBEB Regulations, a company may implement a scheme(s) either directly or by setting up an irrevocable trust. If company prefers to implement the scheme through a trust, the same has to be decided upfront at the time of taking approval of the shareholders for setting up the scheme. The trustees of a trust, which is governed under these regulations, shall not vote in respect of the shares held by such trust, to avoid any misuse arising out of exercising such voting rights.
A company shall constitute a compensation committee for administration of the schemes. The compensation committee shall consist of Board of Directors of the company. The compensation committee shall frame suitable policies and procedures to