Infosys co-founders may sell entire 12.75 pc stake for Rs 28,000 crore

Mumbai: Infosys co-founders may sell their entire stake in the IT major which could bring to an end an ongoing feud between the founders and the management over hefty remuneration issue.

Company co-founders -- N R Narayana Murthy, Nandan Nilekani, Kris Gopalakrishnan, S D Shibulal and K Dinesh -- hold 12.75 per cent stake in Infosys worth about Rs 28,000 crore, a report in The Times of India said.

While Murthy has denied any such move from them, Nilekani did not comment.

The report added that the stake sale was supposed to be done through block deals at stock market as selling the shares in one go will impact their prices.

The report comes in the aftermath of Infosys co-founders and its management have been at loggerheads with one another over dwindling corporate governance norms.

It may be noted that the co-founders have been 'interfering' in company affairs even as they do not hold any executive or non-executive positions at Infosys. Many believe that Murthy and his other co-founder friends must stay away from company affairs.

They also say the co-founder group must let the management function freely as the IT business model is under going a revolutionary change, a report on firstpost.com said.

"The stake sale, if it happens, is likely to be positive for the company as it will end needless distraction for the management. It will enable them to focus more on the strategy and business of the company," the report said.