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Infosys co-founder Shibulal, family offload 0.2% of company shares
Bengaluru, July 25, 2020
Former Infosys chief executive officer and co-founder Infosys and his famil have sold a portion of their holding in IT services major Infosys Ltd, representing approximately 0.20% of its paid-up equity share capital) on the stock exchanges over the last three days -- July 22-24.
Media reports said this amounted to 8.5 million shares and the proceeds have been estimated at more than Rs 780 crore.
A statement issued here today on behalf of Shibulal and his family said the proceeds from the partial stake monetization would be utilized for a combination of philanthropic and investment activities.
The sale was executed by Citigroup Global Markets India Private Limited as the sole broker, it said.
The founders have served Infosys in various capacities, since its inception in 1981 until October 2014. Over the three decades, the founders have nurtured the company transforming it into one of the professionally run companies in India with a global presence.
Shibulal, along with N R Narayana Murthy, Nandan Nilekani and four others, founded Infosys in 1981.
He was the CEO and managing director of the company between 2011 and 2014. Before that, he was the chief operating officer of Infosys during 2007-11.