Infosys co-founder Shibulal receives over 4 lakh company shares as 'gift'

Infosys co-founder S D Shibulal has received little over four lakh shares of the company as a gift, taking the total number of shares owned by him to more than 21.6 lakh shares, according to a regulatory filing.

Infosys, on Friday, informed the stock exchanges that "4,01,000 equity shares (representing 0.01 per cent) of Infosys Ltd by way of gift as off market transaction on November 12, 2020" were given to Shibulal.

The filing did not mention who gifted these shares.

A separate regulatory filing stated that Shibulal's wife Kumari had gifted 4.01 lakh shares on the same day but the name of the recepient was not disclosed.

Kumari's shareholding in Infosys has now come down to 0.21 per cent while that of Shibulal increased to 0.05 per cent, as per the filings.

Post the transaction, the number of Infosys shares owned by Kumari and Shibulal stood at 88,96,930 and 21,66,768, respectively.

Shares of Infosys closed marginally higher on Friday at Rs 1,123.90 apiece on the BSE.

In July, family members of Shibulal had sold 85 lakh shares of the company worth over Rs 770 crore and the proceeds were to be utilised for philanthropic and investment activities.

S D Shibulal along with N R Narayana Murthy and five others, founded Infosys in 1981.

Shibulal served as the chief executive officer and managing director of Infosys from 2011–2014. Prior to becoming CEO and MD, he had served as the Chief Operating Officer of the company from 2007-2011.

Currently, Shibulal invests in technology start-ups through Axilor Ventures that he co-founded with Infosys co-founder Kris Gopalakrishnan.

Photograph: Reuters