S D Shibulal, the former CEO and one of the co-founders of Infosys has announced that some of his family members have sold 1.6 million equity shares (representing 0.074% of the paid-up equity share capital) of Infosys on the stock exchanges.
Earlier we published a report that some of the Infosys founders are planning to sell their equities worth Rs 13000.
The shares were sold during the period August 8, 2018, to August 10, 2018, a release from Shibulal’s office said. The sale was executed by Citigroup Global MarketsIndia Private Limited as the Sole Broker for the sale of shares.
The release said the partial monetization was done to raise proceeds for personal reasons, including for the betterment of the society through various philanthropic activities.
Even after this sale, the founder group would continue to have a substantial shareholding in the company. Shibulal was the last of seven co-founders to hold the CEO position at Infosys, from which he stepped down in July 2014.
Founded in 1981 by seven engineers, all former employees of Patni Computer Systems with an initial capital of $250, Infosys today has grown into over $10 billion company.
(Inputs from PTI)