Elliott Buys Tiny Stake in Wipro in First India IT Firm Holding

March 12th, 20188:34 am @

0


Billionaire Paul Singer’s Elliott Management Corp. has bought a stake in Wipro Ltd., its first ever purchase of an Indian-based software outsourcer.

The New York hedge fund acquired 1.855 million American depositary receipts, or about 0.04 percent of Wipro’s share capital, according to a filing with the U.S. Securities Exchange Commission.

Though tiny when compared with Elliott’s stake of more than 4 percent in rival Cognizant Technology Solutions Corp., which has the bulk of its operations in India, the holding in Wipro gives the fund another foothold in the nation’s $167-billion IT services industry at a time its main players are re-tooling to shore up margins amid tighter client budgets.