Bangalore: 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 on Thursday.
In a regulatory filing, Infosys said the shares sold by Murthy on October 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.
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