S D Shibulal along with NR Narayana Murthy and five others founded Infosys in 1981
Family members of Infosys
co-founder SD Shibulal have sold 8.5 million shares of the company worth Rs 777 crore, according to regulatory documents.
A separate statement issued by Shibulal's family office said the proceeds will be utilised for philanthropic and investment activities.
Shibulal's son Shreyas sold 4 million shares, "representing 0.09 per cent of Infosys
Ltd by way of sale on the platform of the stock exchange on July 22, 23 and 24, 2020", as per exchange filing.
He previously held 0.66 per cent shares in Infosys
and post the transaction, his holding has come down to 0.56 per cent, it added.
The transaction, which saw shares being sold in three tranches, was valued at Rs 365.65 crore.
The statement issued by Shibulal's family office said "over the last three days (July 2224), his family members have sold a portion of (representing approximately 0.20 per cent of the paid-up equity share capital) their holding in Infosys Ltd on the stock exchanges".
Proceeds from the partial stake monetisation will be utilised for a combination of philanthropic and investment activities, it added.
Gaurav Manchanda, son-in-law of the Infosys co-founder, sold 1.8 million shares (0.04 per cent) and his shareholding in the company now stands at 0.32 per cent, additional filings by the IT company showed.
His transaction was worth Rs 164.56 crore.
About 1.5 million shares (0.03 per cent) held by grandson Milan Shibulal Manchanda were sold on the same dates for Rs 137.11 crore, bringing his shareholding to 0.33 per cent post the transaction.
SD Shibulal's wife, Kumari, sold 1.2 million shares (0.03 per cent) of Infosys and her shareholding is now at 0.22 per cent. This transaction was worth Rs 109.68 crore.
Cumulatively, the value of transactions comes at about Rs 777 crore.
The sale was executed by Citigroup Global Markets India as the Sole Broker.
Shibulal along with NR Narayana Murthy and five others founded Infosys in 1981. Shibulal served as the Chief Executive Officer and Managing Director of Infosys from 20112014. Prior to becoming CEO and MD, he served as the Chief Operating Officer of the company from 2007-2011.
Currently, he invests in technology startups through Axilor Ventures that he co-founded with Infosys co-founder Kris Gopalakrishnan.