Infosys: Founders have no plans to sell stake in the company

Our Bureau Bengaluru | Updated on January 12, 2018 Published on June 09, 2017

NR Narayana Murthy Infosys co-founder

Their 12.75% stake in the IT major is worth around ₹28,000 crore

Infosys has denied reports that its founders were exploring options to sell their stake in the company.

“We would like clarify reports in the media speculating on plans of stake sale by the promoters. This speculation has already been categorically denied by the promoters,” an Infosys spokesperson said in a statement.

The company reiterated that it has no information on any such development.

The founders and their kin hold about 12.75 per cent stake — a valuation of around ₹28,000 crore — in India’s second-largest software exporter.

NRN rubbishes reports

When contacted, co-founder NR Narayana Murthy said: “It is not true at all.” Murthy and his family own 3.44 per cent, the largest holding among promoters. Kris Gopalakrishnan, when contacted, simply said: “No comments.”

In the past, some Infosys founders have sold a part of the stake in the software major. In November 2015, co-founder SD Shibulal, along with some of his family members, each sold 25,000 shares.

All five founders no longer hold any executive or non-executive role in the company.

The development comes at a time when Murthy and the Infosys Board have had a public spat over corporate governance and compensation-related issues.

Infosys shares closed at ₹948, less than 1 per cent when compared to the previous day’s close.

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Published on June 09, 2017
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