Bengaluru, NFAPost: S D Shibulal, one of the co-founders of Infosys, announced that over the last three days ( 22nd – 24th July ) his family members have sold a portion of (representing approximately 0.20% of the paid-up equity share capital) their holding in Infosys Ltd on the stock exchanges.
The family sold 8.5 million shares or 0.20% of their paid-up share capital in the company, during 22– 24 July.
Proceeds from the partial stake monetisation will be utilised for a combination of philanthropic and investment activities.The sale was executed by Citigroup Global Markets India Private Limited as the Sole Broker.
Besides various social initiatives especially in the education, social welfare, and sustainable development space since 2005-06 through the Shibulal Family Philanthropic Initiatives, Shibulal is also involved in startup investment via Axilor Ventures where Infosys co-founder Kris Gopalakrishnan is the chairman.
As per the statistics, SD Shibulal held 17,65,768 shares or 0.4% stake in Infosys as of June 30. Kumari Shibulal, his wife, held another 0.25%, son Shreyas Shibulal 0.66% and daughter Shruti Shibulal owned 0.06% stake at the end of June quarter. Grandson Milan owned 0.36% of Infosys, son-in law Gaurav Manchanda 0.36% and daughter-in-law Bhairavi Madhusudan Shibulal 0.15%, data showed.
The founders, have served Infosys in various capacities, since its inception in 1981 until October 2014. Shibulal served as chief executive officer and managing director of Infosys during 2011-14. Prior to that, he was the chief operating officer of Infosys during 2007-11.
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.
Last week, Infosys posted an 11.5% year-on-year (YoY) growth in net profit at Rs 4,233 crore for theJune quarter compared with Rs 3,798 crore in the corresponding quarter last year. The numbers beat ET NOW poll projection of Rs 3,820 crore by a wide margin.