Info-tech

Infy founders offer shares worth ₹2,038 cr for buyback

Our Bureau Bengaluru | Updated on January 10, 2018

infosys



Infosys co-founders — including NR Narayana Murthy and Nandan Nilekani but excluding SD Shibulal — and their family members have offered to tender shares worth ₹2,038 crore as part of the company’s first-ever ₹13,000-crore buyback of shares.

In a filing with the BSE, Infosys said a total of 18 people, comprising co-founders and their family members — with the exception of former CEO SD Shibulal — have offered to tender their shares for the buyback. Murthy has offered to sell 7.18 lakh shares while Nilekani has tendered 21 lakh shares. The buyback price has been set at ₹1,150 per share.

Currently, Infosys founders and their kin hold a total of 29.28 crore shares, or 12.75 per cent stake. In terms of shareholding percentage, Murthy owns 0.38 per cent in the company, Nilekani, 0.93 per cent, Kris Gopalakrishnan 0.94 per cent, and K Dinesh, 0.74 per cent.

Kris Gopalakrishnan has offered to sell 7 lakh shares and Dinesh has tendered 10 lakh shares.

In another development, former CEO and MD Vishal Sikka has exercised his stock options and sold 70,772 shares, worth ₹6.51 crore. The last of the three transactions happened on a mere three days before he resigned from the company on August 18. The first happened on June 22, the second on August 1.

The notification to the BSE also said Nilekani will take no salary in his new role as the non-executive chairman of the board, approval for which has been sought through the postal ballot. The last date for receipt of the postal ballot is October 7. His last drawn remuneration — in FY10, when he was Director — was Rs ₹34 lakh.

Shareholder nod has also been sought for the appointment of Chief Operating Officer UB Pravin Rao as the interim CEO and MD.

Published on September 03, 2017

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