INFOSYS CO-FOUNDER SHIBULAL AND HIS FAMILY SELLS 8.5 MILLION COMPANY SHARES; FAMILY RELEASES STATEMENT! 

As a big shock to the IT industry, Infosys Ltd co-founder S.D. Shibulal and family have sold 8.5 million shares or 0.20 percent of their paid-up share capital in the company, during 22– 24 July.

Shibulal’s family office revealed a statement saying that "Proceeds from the partial stake monetisation will be utilised for a combination of philanthropic and investment activities." 

As per a LiveMint report, the Shibulal Family Philanthropic Initiatives has been involved in various social initiatives especially in fields like education, social welfare and sustainable development space since 2005-06.

The sale was executed by Citigroup Global Markets India Pvt. Ltd as the sole broker. So far, its founders have served Infosys in various capacities, since it was established in 1981 until October 2014, LiveMint further reported.  

Looking back at Shibulal's contribution to the company, he has served as chief executive officer and managing director of Infosys during the year 2011 to 14. Before that, he was the chief operating officer of Infosys during 2007-11.

Recently, Shubilal also invested in technology startups through Axilor Ventures where Infosys co-founder Kris Gopalakrishnan is the chairman, LiveMint also stats.