Infosys co-founders Gopalakrishnan, Shibulal sell shares worth Rs 862 crore

Bengaluru: Two of the billionaire co-founders of software major Infosys, S Gopalakrishnan and S D Shibulal, and some of the latter's family members today sold 7.5 million equity shares of the company for Rs 862 crore on exchanges.

The sale was executed by Citigroup Global Markets India Private Limited as the sole broker for the sale of shares, Gopalkrishnan and Shibulal said.

The sale of shares was executed at an average price of Rs 1,149.45 across all sellers, they said in a joint statement here.

The founders have served Infosys in various capacities, since its inception in 1981 until October 2014 and made it a professionally run company with a global presence.

The sale has been done to partially monetize their stake, having nurtured the company for more than three decades, for personal reasons including for the betterment of the society through various philanthropic activities, the statement said.

Even after this sale, the founder group will continue to have a substantial shareholding in the company, the statement said.

According to the statement, Gopalakrishnan sold 5,000,000 shares and Shibulal and his family 2,500,000 shares.

Shibulal was the last founder CEO of Infosys before being succeeded by current CEO Dr Vishal Sikka.