Some of the founders of the Indian IT services company Infosys Ltd have sold shares worth US$1.1 billion on Monday, reports Thomson Reuters.
The shares were sold by N R Narayana Murthy, Nandan Nilekani, S D Shibulal and K Dinesh. They are four of the 7 member group of engineers who had founded Infosys in 1981.
These founders have cashed in on a recent uptick (more than 20 per cent gain in the stock) in the company's stock price, which picked up after Vishal Sikka was appointed as chief executive.
According to the report, the four founders and members of their families sold 3.26 crore shares in Infosys.
Murthy and Nilekani told Reuters they had sold their stakes for personal reasons.
Sign up for CIO Asia eNewsletters.