Infosys chief mentor N. R. Narayana Murthy has sold 0.13 per cent of his stake in the company for Rs. 174.30 crore, which will be utilised for setting up a venture capital fund.
Mr. Murthy has sold eight lakh shares of Infosys for an aggregate value of Rs. 174.30 crore through market sale on the Bombay and National stock exchanges, according to a disclosure made by the company on bourses.
“Mr. 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,” Infosys said in the statement. Post sale, Mr. Murthy holds 23.79 lakh equity shares or 0.41 per cent stake in the company, the filing said. According to the latest shareholding data available on the exchanges, Mr. Murthy held 0.55 per cent stake or 31.80 lakh shares at the end of the September quarter. Mr. Murthy’s wife Sudha holds 1.62 per cent stake in the firm, while daughter Akshata and son Rohan hold 1.41 per cent and 1.39 per cent, respectively.