DBT Bureau
Bengaluru, 15 April
Infosys on Monday said one of its co-founders, SD Shibulal have sold over 6 lakh shares of the company in the open market between January 30 and February 1, 2024, for around Rs 100.41 crore.
In an exchange filing, the Bengaluru-headquartered firm said 6.06 lakh shares of the company were sold by Shibulal, comprising 0.01% of his holding. These shares were sold at an average price of around Rs 1,660 per share in the open market.
Post this transaction, Shibulal’s stake in the company has come down to 0.13% from 0.14% earlier.
In an earlier filing, Infosys had said that family members of its co-founder SD Shibulal had sold over 6.59 lakh shares of the company in the open market between January 29-30.
Last year in October 2023, Shibulal’s son Shreyas Shibulal, and daughter-in-law Bhairavi Shibulal also sold part of their shareholding worth over Rs 435 crore.
Infosys was founded by NR Narayana Murthy along with five others in 1981. Shibulal served as the chief executive officer and managing director of Infosys from 2011 to 2014.
Share price of Infosys has risen by 2.31% in the last six months and closed at Rs 1,468 on the National Stock Exchange on Monday (April 15, 2024). However, it had come down from a recent high of around Rs 1,700, touched in February, to below Rs 1,500 in the last two months.
The Bengaluru-headquartered company will announce its fourth-quarter results on April 18, setting the tone for the current financial year.
Its larger peer, TCS announcing its Q4 results has said that it expects FY25 to be a better year as compared to FY24. Investors are keenly looking at Infosys’ revenue guidance for FY25, which will be seen as a barometer for the prevailing demand environment.
Indian IT industry is going through a slowdown as demand from key markets, the US remains low. Most experts expect a growth revival in the current fiscal year.
