India's second largest IT services company Infosys on Friday morning said it has no information about the promoters’ selling stake in the company. The IT bellwether in a statement also said that the speculation has already been denied by the promoters.
"Infosys 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," the company said in its statement.
"The company further reiterates that it has no information on any such development," added Infosys.
The statement from the IT exporter comes after a news article appeared in an English newspaper which said Infosys founders N R Narayana Murthy, Kris Gopalakrishnan, Nandan Nilekani, K Dinesh and S D Shibulal are looking to sell their stake in company.
The founders and their family hold about 12.75% stake in the Bengaluru-based company which they co-founded in 1981.
When contacted by The Hindu asking for response on the stake sale move Mr. Gopalakrishnan one of the founders in an email statement said, “I don't comment on Infosys.”
Meanwhile other founders like Mr. Murthy and Mr. Nilekani did not respond to the mail sent by The Hindu seeking comments on the stake sale.
Mr. Murthy had denied the plans of stake sale in the news article and was quoted saying, “It is not true at all.”.
Earlier in February and April, promoters under Mr. Murthy had questioned certain decisions taking by the company and the Board . They had criticised the steep pay hike given to company’s CEO Vishal Sikka and COO Pravin Rao, and huge severance pay offered to former CFO Rajiv Bansal. Mr.Murthy also had raised corporate governance issue in the company.
Infosys had also appointed law firm Cyril Amarchand Mangaldas to review the corporate governance practices in the compan y .
“We would like to appeal to the media not to fuel such speculative stories as they are likely to harm the interests of the company and all its stakeholders,” added Infosys.
On the Bombay Stock Exchange Infosys shares which witnessed a decline of about 3% in the morning was trading at Rs. 940 down 1.7% at 12 p.m..
