Infosys Ltd. co-founder SD Shibulal and his family members have sold a portion of their stake in India's second-largest software services firm to raise funds for philanthropy and investments.
A total of 85 lakh shares—amounting to 0.2% of the company's paid-up equity capital—was sold during July 22-24, according to an exchange filing, raising around Rs 777 crore. The sale was executed by Citigroup Global Markets India Pvt. as the sole broker.
The Shibulal family, according to shareholding pattern as on June 30, cumulatively held 1.88% stake in Infosys.
Shibulal, along with NR Narayana Murty and five others, co-founded Infosys in 1981. He served as chief executive officer of the Bengaluru-based firm during 2011-14.
On Friday, Infosys shares rose 1.51% to Rs 922.60 apiece on the BSE while the benchmark Sensex shed 0.03% to end the day at 38,128.90 points.
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