Infosys founders sell stake worth Rs 6,484 cr
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Infosys co-founders N R Narayana Murthy, Nandan Nilekani, Dinesh K and S D Shibulal’s wife , Kumari Shibulal, along with their families, sold 32.6 million shares in the country’s second-largest information technology services company on Monday, for an overall amount of Rs 6,484 crore.
The share sale led to a sharp plunge in the IT heavyweight’s share price, eroding about Rs 12,400 crore (at 62/$) from the company’s market capitalisation. The Infosys stock hit a month’s low during intra-day trade on Monday, before ending five per cent lower at Rs 1,972 on the National Stock Exchange.
Even as the share sale triggered speculation over the reasons behind the founders’ decision, Murthy and Nilekani, in separate statements, said the move was aimed at raising funds to invest in their philanthropic efforts. They added they had “tremendous confidence in the future of Infosys and its leaders”.
An Infosys spokesperson refused to comment, saying it was a “family decision of the promoters”.
The sale was executed by Deutsche Equities India and was carried out at an average price of Rs 1,988.87 a share. It saw participation from domestic and foreign institutional investors, Deutsche Bank said in a release.
“Our family has sold a minor part of our stake to continue various activities, including our efforts to encourage entrepreneurship and our personal philanthropic efforts,” Murthy said in a statement. “These are activities I expect to be busy with during the next phase of my life. Even after this sale, our family continues to be the largest shareholder among retail shareholders.”
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