Just days after joining the world's richest men in a pledge to contribute more wealth for charitable causes, Wipro chairman Azim Premji has transferred sahres worth Rs 12,300 crore to the Azim Premji Trust.

The transfer of the ownership worth Rs. 12,300 crore is highest ever made by an individual in the country. The foundation said in a statement that Premji has transferred 295.5 million equity shares to the Azim Premji Trust, which finances the activities of the Azim Premji Foundation. The shares account for a 12 per cent stake in Wipro Ltd. The shares were earlier held by various entities owned by Premji.

Following the transfer, the trust's holding in the company has risen to about 19.93 per cent. The billionaire founder of the Indian IT giant now owns a 78 per cent stake in Wipro. He indicated that the foundation is working to improve the quality of the education system in India. Premji had earlier transferred donated 8.7 per cent from his personal stockholding for charitable causes.

The Azim Premji Foundation aims to work with the authorities to improve the schooling system in the country. The Foundation was founded in 2010 and it currently has 800 people spread across India. The company is planning to expand it to 4,000-5,000 people over the next five years.