Google's Chairman Eric Schmidt to sell 42% of stake

Google's Chairman Eric Schmidt to sell 42% of stake Zeebiz Bureau

New Delhi: Google’s Executive Chairman Eric Schmidt is selling roughly 42 percent of his stake in the Internet search company, a news wire has reported.

Schmidt will sell 3.2 million shares of Class A common stock through a stock trading plan, Google said in a filing with the US Securities and Exchange Commission on Friday.

The stake sale will potentially net the former chief executive a USD 2.51 billion windfall.

Schmidt, who served as Google's chief executive until 2011, currently owns roughly 7.6 million shares of Class A and Class B common stock. The shares represent 2.3 percent of Google's outstanding stock and roughly 8.2 percent of the voting power of Google's stock.

With Agency Inputs