Infosys slips on buzz founders to pare stake

Infosys fell 3.13% to Rs 2003 at 10:55 IST on BSE on reports that some of its founders were selling shares in the company worth $1.1 billion.

Meanwhile, the BSE Sensex was down 64.34 points, or 0.23%, to 28,393.76.

On BSE, so far 14.39 lakh shares were traded in the counter, compared with an average volume of 87,217 shares in the past one quarter.

The stock hit a high of Rs 2,017 and a low of Rs 1,996.65 so far during the day. The stock hit a record high of Rs 2,200.50 on 1 December 2014. The stock hit a 52-week low of Rs 1,447 on 30 May 2014.

The stock had underperformed the market over the past one month till 5 December 2014, rising 0.32% compared with 1.94% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 10.97% as against Sensex's 5.30% rise.

The large-cap company has an equity capital of Rs 574.24 crore. Face value per share is Rs 5.

According to reports, four of the founders of Infosys - Narayana Murthy, Nandan Nilekani, S.D. Shibulal and K. Dinesh - are offering 3.26 crore shares in Infosys at a fixed price of Rs 1,988 each, a 3.95% discount to Friday's close of Rs 2,069.70.

Most of these executives have left the company since current CEO Vishal Sikka took office in August 2014. The founders and their families held a combined 9.14 crore shares, or 7.96% stake of Infosys' outstanding shares (as on 30 September 2014).

Earlier this month, Infosys issued one bonus share for each share held in the company.

Infosys' consolidated net profit as per International Financial Reporting Standards (IFRS) rose 7.28% to Rs 3096 crore on 4.48% rise in revenue to Rs 13342 crore in Q2 September 2014 over Q1 June 2014.

Infosys is a global leader in consulting, technology and outsourcing solutions.

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