Azim Premji, the billionaire chairman of Indian conglomerate Wipro Ltd., will give a further 34 percent of shares in the company worth $7.5 billion to support philanthropic activities, the most generous donation in Indian history. The shares held by entities controlled by Premji have been irrevocably renounced and earmarked to the Azim Premji Foundation, the foundation said in a statement.

India's third largest software services firm Wipro's promoter Azim Premji Trust sold 2.66 crore shares for Rs.684 crore. The philanthropic trust is part of the promoter group that held 74.30% stake in the company as of December last year. Shares of the Bengaluru-headquartered company fell nearly 5% on Friday.

Wipro's senior executive Vikram Chandna, who was responsible for Citibank account based out of New York, has quit. Chandna last month resigned the Bengaluru-headquartered software services as vice president, Latin America (Financial Services) and Citigroup. Chandna has informed on his LinkedIn profile that he has joined Incedo as President to head financial services business unit. He spent more than 12 years at Wipro.