Former CEO S D Shibulal's family sells 1.6 million equity shares of Infosys

Former Infosys CEO S D Shibulal

Co-founder and former CEO of IT major Infosys S D Shibulal on Friday announced that some of his family members have sold 1.6 million equity shares (representing 0.074 per cent of the paid-up equity share capital) of Infosys Ltd on the stock exchanges.

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 continueto have a substantial shareholding in the company, it added.

Shibulal was the last of seven co-founders to hold the CEO position at Infosys, from which he stepped down in July 2014.

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