Aberdeen Asset Management Asia has reduced its shareholding in Infosys by selling 56.26 lakh shares in the country's second-largest software services firm.
The deal is estimated to be worth about Rs 664.81 crore.
"... Accounts managed or advised by Aberdeen Asset Management Asia Ltd, we now hold a total of 7,01,69,953 shares in Infosys across all mandates, equivalent to 3.0449 per cent of the company's issued shares, of which 2.5397 per cent are shares we have control over the voting rights," Infosys said in a filing to BSE.
This follows a sale of 56,26,200 shares on April 7, 2016, it added.
Infosys shares closed at Rs 1181.65 apiece yesterday, putting the deal at about Rs 664.81 crore.
Aberdeen previously held 7,57,96,153 shares, or 3.2891 per cent stake.
The transaction was conducted through an open market sale.
Infosys shares closed at Rs 1,167.35 per share, 1.21 per cent lower than the previous close, on BSE.
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Commenting on the development, Greyhound Research Chief Analyst and CEO Sanchit Vir Gogia said. "This is standard industry practice and not out of the ordinary and hence, deems no criticism of any sort."
"Separately, with the letter that has been sent out with reported governance issues, while there may be some truth in what has been reported, it's critical to note that the governance issues haven't been proved (yet) and it will be unfair to draw conclusions on the basis of the letter," Gogia said.
He further pointed out that there will always be differences on how an organisation is run, especially once the founders are no more at the helm.
Separating ownership from control is one of the long standing battles for founders and the latter raising concerns post stepping down from the helm is both correct and expected, he said.
"We witnessed a similar scenario at Tata Sons only recently. Such changes and counter actions by investors are a standard practice globally and such instances shouldn't be blown out of proportion," he said.
