Infosys Co-founder and former Infosys CEO, SD Shibulal and his family, sold 85 lakh of their equity shares in the IT company Infosys Technologies worth over ₹770 crore
Who is SD Shibulal? And how many shares his family sold?
SD Shibulal, along with NR Narayana Murthy and five others, had founded Infosys in 1981. Shibulal served as the Infosys Chief Executive Officer and Managing Director from 2011-2014.
Details of family members and their value of shares traded
|Person||Relationship||Value of shares traded||Stake|
|Shreyas Shibulal||Son||₹ 365.67 crore||0.09%|
|Kumari Shibulal||Wife||₹ 109.69 crore||0.03%|
|Gaurav Manchanda||Son-in-Law||₹ 164.47 crore||0.04%|
|Milan Shibulal Manchanda||Grandson||₹ 137.18 crore||0.03%|
|TOTAL||₹ 777.01 crore||0.19%|
Here are the key points of these transactions according to the regulatory filings and advertisement by Infosys Technologies:
- Citigroup Global Markets India Pvt Ltd executed this Sale as a sole broker.
- This Sale represented around 0.20% of Infosys’ total shares.
- Before the transaction, Shibulal and Family had a 2.24% stake of Infosys’s total shares, and after this transaction, they will still have a ~2% stack in Infosys.
Why did SD Shibulal’s family sell Infosys shares worth ₹780+ crore
As per SD Shibulal’s family, they sold the Infosys share to raise the money mainly for below three reasons:
1. Philanthropic Activities
- SD Shibulal is working towards transforming Indian school education with the help of technology via his platform ShikshaLokam
- Shibulal family also runs the Advaith Foundation and the Sarojini Damodaran foundations
2. Investment activities
Shibulal, along with Kris Gopalakrishnan and four other founded Axilor Ventures based in Bengaluru, invests in technology-focused startups. Due to the current favorable environment for Indian Startups, Shibulal wants to pump more money to startups ventures.
3. Shibulal’s Son startup
SD Shibulal’s son Shreyas Shibulal founded Micelio, a startup fund focused on developing electric vehicles based out of Bengaluru in 2019. As per one of the reports, considering current development and market trends of electric vehicles, Shreyas Shibulal wants to add more funds to this startup and provide support to other startups in the same space.