Two Infosys founders sell shares worth Rs.862 crore

Two co-founders of global software major Infosys Ltd -- S. Gopalakrishnan and S.D. Shibulal -- and their family members on Thursday announced they were jointly selling 75 lakh shares of the blue chip firm on stock exchanges for a combined value of Rs.862 crore.

"Both founders and their kin sold the shares through Citigroup Global Markets India Ltd broker at Rs.1,149.45 per share of Rs.5 at par value," a statement said here.

Gopalakrishnan, who sold 50 lakh shares, resigned as executive vice-chairman in October 2014, while Shibulal, who sold 25 lakh shares, quit as chief executive in July 2014, paving way for Vishal Sikka as the company's first non-founder chief executive.

"The sale was done to partially monetise their equity stake for personal reasons, including for the betterment of society through various philanthropic activities," the statement noted.

Both the former executives nurtured the IT outsourcing major for over three decades in various capacities since its inception in 1981 and made it a professionally run company with a global presence.

"Even after Thursday's sale, the founder group will have substantial shareholding in the company," the statement added.

The company's scrip, which opened on BSE in Mumbai earlier in the day at Rs.1,164 per share as against Tuesday's closing price of Rs.1,178.50, however, ended Rs.32.55 lower at Rs.1,145.95 per share.