Co-founder of Infosys buys company’s stock worth Rs 100 crore

S D Shibulal, co-founder of Infosys, has reportedly bought Rs 100 crore worth of the company's stock on the open market on Wednesday.

According to the new block deal details on the Bombay Stock Exchange, Shibulal purchased over 7.58 lakh shares at an average price of Rs 1,317.95 each, with a total transaction value of Rs 100 crore.

ICICI Securities Private Limited acted as the primary broker for the transaction. According to a regulatory filing by Infosys, Mr Shibulal's shareholding in the firm has risen to 0.07 percent as a result of the acquisition.

Mr. Shibulal owned 0.05 percent of the firm as of the end of the March quarter.

Kumari, the wife of Shibulal, traded over 7.58 lakh shares on the same day at the same price of Rs 1,317.95 each, according to a separate filing. Her stake in the company has decreased from 0.21 percent to 0.19 percent as a result of the sale.

Last month, Infosys announced a 17 percent growth in net profit of Rs 5,076 crore on the basis of major deal wins as the Covid-19 pandemic pushed digitisation activities across multiple industries. During the same quarter last year, the firm made a profit of Rs 4,335 crore.

Nevertheless, on a sequential basis, the company's earnings fell by 2.32 percent.

He is one of the firm's seven founders. Back in 2014, Shibulal stepped down as Chief Executive and Managing Director, and was replaced by Dr. Vishal Sikka, who was Infosys' first non-founder CEO.