85 lakh Infosys shares sold for a whopping ₹777 crore by company co-founder SD Shibulal’s family

• Infosys co-founder SD Shibulal’s family sold 85 lakh of their equity shares in the IT company.
  
• The total amount of the sale came up to nearly ₹780 crore.
  
• Shreyas Shibulal sold the largest percentage of 0.09% according to exchange filings.
  

Infosys co-founder SD Shibulal’s family members sold 85 lakh equity shares in the Indian IT services company for nearly ₹780 crore . 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.

Source: NSE filing by Infosys

As of June 30, the group together held around 2.24% stake in Infosys. Shreyas Shibulal, who sold the largest stake, is the son of Infosys co-founder SD Shibulal.In 2019, he founded Micelio, a start up fund focused on the development of electric vehicles based out of Bengaluru.

SD Shibulal was one of the seven founding members of Infosys alongside NR Narayan Murthy, Nandan Nilekani, NS Raghavan, S Gopalkishnan, K Dinesh, and Ashok Arora. He served as the CEO and MD of the IT company from 2011 to 2014.

After he stepped down from the post in July 2014, he co-founded Axilor Ventures, a venture capital service for young entrepreneurs.

In the first quarter, Infosys reported a 4.5% sequential drop in profit and 2% dip in revenue. Despite being in the red, it beat out the earnigns of other IT giant behemoths like Tata Consultancy Services (TCS) and WIpro.

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