Narayana Murthy sells 8 lakh Infosys shares to set up VC fund

Narayana Murthy sells 8 lakh Infosys shares to set up VC fund
PTI
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First Published: Thu, Oct 22 2009. 08 00 PM IST
Updated: Thu, Oct 22 2009. 08 00 PM IST
New Delhi: IT major Infosys’ chief mentor Narayana Murthy has sold 0.13% of his stake in the company for Rs174.30 crore, which will be utilized for setting up a venture capital fund.
Murthy has sold Infosys shares through the market sale on the Bombay and National Stock Exchange, according to a disclosure made by the company on bourses.
“Narayana Murthy has intimated the company that the proceeds of the sale will be used as seed capital for a proposed Venture Capital Fund to be set up by him in India,” Infosys said in a statement.
“The Venture Capital Fund will encourage and support young entrepreneurs having brilliant business ideas. The Fund will primarily invest in India and may on a case-to-case basis consider investing overseas,” it added.
The sale of shares was carried out on Wednesday and on Thursday on the exchanges. Post sale, Murthy holds 23.79 lakh equity shares or 0.41% stake in the company, the filing said.
According to the Infosys’s latest shareholding data available on the exchanges, Murthy held 0.55% stake or 31,79,672 shares at the end of September quarter.
Murthy’s wife Sudha holds 1.62% stake in the firm, while daughter Akshata and son Rohan hold 1.41% and 1.39%, respectively.
Shares of Infosys closed 2.13% at Rs2,211.50 on the Bombay Stock Exchange.
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First Published: Thu, Oct 22 2009. 08 00 PM IST