Murthy sells Infosys shares to float venture fund
October 22nd, 2009 - 8:14 pm ICT by IANSBangalore, Oct 22 (IANS) Infosys Technologies chief mentor and chairman N.R. Narayana Murthy has sold 800,000 shares from his holding in the IT bellwether to set up a venture capital fund, the company said Thursday.
In a regulatory filing, Infosys said the shares sold by Murthy Oct 21-22 accounted for 0.13 percent of the company’s total number of equity shares.
“Murthy intimated to the company that the proceeds of the sale will be used as seed capital for the proposed venture capital fund to be set up in India,” Infosys said in a statement to the Bombay Stock Exchange (BSE).
As one of the co-founders of the software giant, Murthy’s holding in the company post-sale will be 2,379,672 shares.
The fund will encourage and support young entrepreneurs with brilliant business ideas.
“The fund will primarily invest in India and may on case-to-case basis consider investing overseas,” the statement added.
The blue chip company’s shares closed at Rs.2,211.50 on the BSE at the close of trading Thursday, an increase of 2.13 percent over Wednesday closing.
- Murthy's wife sells 2 mn Infosys shares for Rs.4.3 bn (Lead) - Nov 05, 2009
- Murthy sells Infosys shares to fund young entrepreneurs (Lead) - Oct 22, 2009
- Murthy's wife sells 1.6 mn Infosys shares for Rs.4.3 bn - Nov 05, 2009
- Infosys braces to face twin challenges of clients - Jun 09, 2012
- Murthy's Catamaran not to exit SKS due to lock-in norm - Oct 26, 2010
- Infosys names K.V. Kamath as new chairman (Third Lead) - Apr 30, 2011
- Mentor our IT groups, Bengal urges Narayana Murthy - Jul 05, 2011
- Infosys drops 'Technologies' from name - May 01, 2011
- Co-founder Narayana Murthy bids adieu to Infosys - Aug 19, 2011
- K.V. Kamath to head Infosys (Lead) - Apr 30, 2011
- K.V. Kamath named Infosys chairman (Second Lead, correcting date in Para 2) - Apr 30, 2011
- Murthy unhappy over US probe on B-1 visa issue - Jun 11, 2011
- Infosys to decide on Narayana Murthy's successor April 30 - Apr 15, 2011
- Bengal against SEZs, minister tells Infosys - Feb 20, 2012
- Infosys inducts four new directors - Jun 11, 2011
Tags: blue chip company, bombay stock exchange, brilliant business, bse, business ideas, case basis, chief mentor, founders, India, infosys technologies, n r narayana murthy, narayana murthy, proceeds, rs 2, seed capital, software giant, venture capital fund, venture fund, young entrepreneurs