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    S D Shibulal and family sell 8.5 million Infosys shares for Rs 780 crore

    Synopsis

    Proceeds from this transaction will be used for a combination of philanthropic and investment activities, according to a statement issued by the Shibulal and family members.

    ET Bureau
    Bengaluru: Infosys co-founder S D Shibulal and his family members have 8.5 million shares or 0.20% paid up share capital in the company between July 22 and 24.

    Proceeds from this transaction will be used for a combination of philanthropic and investment activities, according to a statement issued by the Shibulal and family members.

    The estimated proceeds from the stake sale is more than Rs 780 crore.

    The sale was executed by Citigroup Global Markets India Pvt Ltd as the sole broker.

    The founders, have served Infosys in various capacities, since its inception in 1981 until October 2014.

    Shibulal was the chief executive officer of the India IT services major between 2011 and 2014.

    During the past three decades, the founders have nurtured the company transforming it into one of the professionally run companies in India with a global presence.

    Currently, Shibulal is the co-founder of Axilor Ventures, which invests in technology-focused startups. His philanthropic platform ShikshaLokam invests in improving high school education across different states in the country.




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    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
    The Economic Times

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