Lawstreet Journal

Infosys co-founder SD Shibulal’s family sells off equity shares in the company worth Rs. 85 lakhs

Lawstreet Journal 28 Jul 2020 10:36pm

Image courtesy: Lawstreet Journal Business Infosys co-founder SD Shibulal’s family sells off equity shares in the company worth Rs. 85 lakhs

Infosys co-founder SD Shibulal and his family members have sold 85 lakh shares of the company worth Rs 777 crore, according to regulatory documents.  The sale represented around 0.20% of Infosys’ total shares. The family plans to use its earnings from the stake sale for philanthropic and investment activities. 

A statement issued by SD Shibulal's family office said the proceeds will be utilized for philanthropic and investment activities. Shibulal's son Shreyas sold 40 lakh shares, "representing 0.09 percent of Infosys Ltd by way of sale on the platform of the stock exchange on July 22, 23 and 24, 2020", as per exchange filing. He formerly held 0.66 percent shares in Infosys and after the transaction, his holding has come down to 0.56 percent, it added. The transaction was valued at Rs 365.65 crore. In 2019, he founded Micelio, a start-up fund focused on the development of electric vehicles based out of Bengaluru

The statement also stated that "over the last three days (July 22–24), his family members have sold a portion of (representing approximately 0.20 percent of the paid-up equity share capital) their holding in Infosys Ltd on the stock exchanges". Proceeds from the partial stake monetization will be utilized for a combination of philanthropic and investment activities, it added.

As of June 30, the group together held around 2.24% stake in Infosys. 

Gaurav Manchanda, the son-in-law of the Infosys co-founder, sold 18 lakh shares (0.04 percent) and his shareholding in the company now stands at 0.32 percent, additional filings by the IT company… Continue Reading...

Tagged: Infosys  
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