Infosys Ltd's co-founder S.D. Shibulal and his family have sold 8.5 million shares or 0.20 percent of their paid-up share capital in the company in the last three trading days, i.e during 22- 24 July.
"Proceeds from the partial stake monetisation will be utilised for a combination of philanthropic and investment activities," Shibulal's family office said in a statement.
Considering Infosys' closing price of Rs 922.60 on 24 July, the stake sale may have amounted to Rs 786 crore.
The Shibulal Family Philanthropic Initiatives has been involved in various social initiatives since 2005-06.
The sale was executed by Citigroup Global Markets India as the sole broker.
Shibulal served as CEO and MD of Infosys during 2011-14.
While the names of the family members selling their stake are unknown, as on 30 June, SD Shibulal held 17,65,768 shares or 0.4 percent stake in Infosys, his wife Kumari Shibulal held another 0.25 percent stake, son Shreyas Shibulal 0.66 percent and daughter Shruti Shibulal owned 0.06 percent stake. Shibulal's grandson Milan owned 0.36 percent of Infosys, son-in-law Gaurav Manchanda held 0.36 percent and daughter-in-law Bhairavi Madhusudan Shibulal 0.15 percent.