SHARES … Shibulal and family offload Infosys shares worth Rs 777cr; plans charity and more

Shibulal and wife Kumari

NEWS SHIBULAL SHARES

BENGALURU: Infosys co-founder SD Shibulal and his family sold 85 lakh shares of the company worth a total of Rs 777 crore, and the .proceeds will be used for philanthropic and investment activities, the family stated on Saturday. 

Shibulal’s son Shreyas sold 40 lakh shares, representing 0.09 per cent of Infosys worth, by way of sale on the platform of the stock exchange on July 22, 23 and 24, as per details from stock exchange filing. Shibulal previously held 0.66 per cent shares in Infosys. With the present the transaction, his holding has come down to 0.56 per cent. The transaction, which saw shares being sold in three tranches, was valued at Rs 365.65 crore, the statement said.

Over the last three days (July 22–24), the family members have sold a portion of (representing approximately 0.20 per cent of the paid-up equity share capital) their holding in Infosys Ltd on the stock exchanges.

Of these, Gaurav Manchanda, son-in-law of the Infosys co-founder, sold 18 lakh shares (0.04 per cent) and his shareholding in the company now stands at 0.32 per cent. His transaction was worth Rs 164.56crore. Shibulal’s daughter is married to a Punjabi business family based in Bengaluru.

About 15 lakh shares (0.03 per cent) held by grandson Milan Shibulal Manchanda were sold on the same dates for Rs 137.11 crore, bringing his shareholding to 0.33 per cent post the transaction, as per the statement. It also said SD Shibulal’s wife, Kumari, sold 12 lakh shares (0.03 per cent) of Infosys and her shareholding is now at 0.22 per cent. This transaction was worth Rs 109.68 crore.

Shibulal, a technocrat who hails from near Kochi, has extensive business interests in the US as also in some other parts of the world. In the US, he had invested in real estate property on a massive scale, partly providing accommodation facility to IT professionals.

Shibulal along with NR Narayana Murthy and five others founded Infosys in 1981. He served as the CEO and MD of Infosys from 2011–2014. Prior this, he was the COO of the company  –from 2007-2011.

Currently, he invests in technology startups through Axilor Ventures that he co-founded with Infosys co-founder Kris Gopalakrishnan. His family has investment in plantation sector in the South, as also hotel projects, one of them O by Tamara, in Kerala’s capital, Thiruvananthapuram, near the Technopark, and this is run by his daughter. –Agencies, IHN-NN

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