Infosys falls 4.8% after founders sell shares worth Rs6,484 crore - Livemint

The sale of shares was for an average price of Rs1,988.87 apiece to foreign and domestic institutional investors, the company said, identifying the sellers as Narayana Murthy, Nandan Nilekani, K. Dinesh and the wife of co-founder S.D. Shibulal. Photo: Bloomberg

Bangalore: Families of four co-founders of India’s second-largest software services exporter Infosys Ltd have sold about 32.6 million shares, or 2.8% of the shares outstanding of the company, for about Rs.6,484 crore, according to a report by Deutsche Equities India Pvt. Ltd.

Infosys was top Sensex loser with shares falling 4.88% to Rs.1,968.60 apiece on Monday. The benchmark Sensex shed 1.19% to 28,119.40 points.

The shares were sold to partially monetize their stakes for personal reasons, including betterment of society through various philanthropic activities, according to the report.

An Infosys spokesperson declined to comment.

Deutsche Bank was the sole book-runner for the deal.

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