Infosys slips as promoters sell 75 lakh shares via multiple block deals

By: | Updated: March 10, 2016 5:13 PM

The 75 lakh shares representing 0.3 per cent stake in Infosys were offered in the price range of Rs 1149-1178.5 and the transaction will be carried out during the day.

InfosysThe 75 lakh shares representing 0.3 per cent stake in Infosys were offered in the price range of Rs 1149-1178.5 and the transaction will be carried out during the day.

The shares of Infosys, India’s second largest IT services exporter slipped by as much as 3 per cent in early Thursday trade following the two co-founders coming under the promoter category, S Gopalakrishnan and S D Shibulal deciding to sell 75 lakh shares through multiple block deals. The stocks of the company later closed 2.76 per cent at Rs 1145.95.

The 75 lakh shares representing 0.3 per cent stake in Infosys were offered in the price range of Rs 1149-1178.5 and the transaction will be carried out during the day. The Infosys scrip opened at Rs 1164 on Thursday on Bombay Stock Exchange and has slipped by as much as Rs 33.10 recording a fall of 2.8%.

Gopalakrishnan sold 50 lakh shares while Shibulal and family members divested 25 lakh . The details of the buyers of these shares were not known.

Gopalakrishnan and Shibulal were the former CEOs of Infosys and have now exited totally from the company and do not hold any management roles. They are among the seven founder of Infosys and constitute 13.07 per cent stake in Infosys coming under the promoter category as per as data available for the end of December quarter, 2015.

Infosys is now headed by Vishal Sikka, who is the first non-promoter CEO has set an ambitious target for the company of achieving $20 billion in revenues by FY21 which will include an operating profit margin of 30 per cent and a revenue per employee of $80,000.

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