Elliott Management buys 0.04% of Wipro’s stakes
Elliott Management, the activist hedge fund credited in the change of Cognizant’s business model two years ago, recently bought a tiny stake in Wipro, the Information Technology Services Corporation. This investment further highlights the 34-billion hedge fund company’s interest in Indian IT companies as it presently owns two companies in this sector out of their 40 US listed stocks.
In the December quarter of last year, Elliott Management acquired 1.85 million of Wipro’s American Depositary Receipts (ADR), amounting 0.04% of the company’s shares, according to US Securities & Exchange Commission (SEC) filings. Both Elliott Management and Wipro declined to comment on questions related to the latter’s stake.
This deal somehow appears to be different from Elliott Management’s activi...