Infosys co-founder SD Shibulal's family sold approximately 0.2% of the paid-up equity share capital valued at about Rs 786 crore, calculated according to the company’s market capitalisation.
Infosys co-founder SD Shibulal on Saturday announced that his family members have sold a small portion of their equity holdings in the company on the stock exchanges over the last three days. This represented approximately 0.2 per cent of the paid-up equity share capital valued at about Rs 786 crore, calculated according to the company’s market capitalisation. According to a statement, the proceeds from the partial stake monetisation will be utilised for a combination of philanthropic and investment activities. The sale was executed by Citigroup Global Markets India Private Limited as the sole broker.
According to the shareholding pattern of the promoter and promoter group on BSE, SD Sibulal held 17.65 lakh shares or 0.4 per cent stake in Infosys as of June 30, 2020. His wife Kumari Shibulal, held 1.04 crore shares or 0.25 per cent stake in the IT company. While son Shreyas Shibulal owned 1.80 crore shares or 0.66 per cent equity stake and daughter Shruti Shibulal had 27.37 lakh shares or 0.06 per cent stake at the end of the quarter ended June 30. Similarly, SD Shibulal’s grandson Milan Manchanda owned 1.54 crore fully paid-up equity shares or 0.36 per cent in the company. His son-in-law Gaurav Manchanda held 1.55 crore fully paid-up equity shares or 0.36 per cent and daughter-in-law Bhairavi Madhusudan Shibulal owned 63.34 lakh shares or 0.15 per cent stake in Infosys.
At Friday’s close the total market capitalisation of Infosys stood at Rs 3,92,962.68 crore and the stake sale amounted to Rs 786 crore. Infosys shares closed 1.51 per cent higher at Rs 922.60 apiece on BSE.
SD Shibulal along with NR Narayana Murthy and five others founded Infosys in 1981. Shibulal served as the Chief Executive Officer and Managing Director of the IT major from 2011-2014. Prior to that, he served as the Chief Operating Office (COO) from 2007-2011. The founders have served Infosys in various capacities, since its inception in 1981 until October 2014.
Last week, Infosys posted a net profit of Rs 4,272 crore in the April-June quarter, a growth of 12.4 per cent from Rs 3,802 crore in the corresponding quarter of the preceding year. Infosys’ revenue grew 8.5 per cent to Rs 23,665 crore in the quarter ended June 30. The company signed large deals worth $1.74 billion in the three months to June 30, even as the global businesses were impacted due to the coronavirus pandemic.