Infosys board member V Balakrishnan sells 1 lakh shares for Rs 33 crore

BANGALORE: Infosys board member V Balakrishnan has sold 1,00,000 shares in the company for Rs 33 crore in the open market. In a regulatory filing on the National Stock Exchange, Infosys said Balakrishnan sold 50,000 shares each held by his daughters Sneha and Sweta Balakrishnan.

Post sale, the shareholders, who are minors according to the NSE filing, do not hold any shares in Infosys. A former chief financial officer of the Bangalore based firm, Balakrishnan, 48, is seen as a frontrunner for the post of Infosys chief executive officer when the current CEO Shibulal’s term ends.

He is currently the head of Infosys business process outsourcing unit, the company’s core banking software Finacle, its India business and chairman of Infosys Lodestone. The stock exchanges were informed about the share sale after market hours.

Balakrishnan could not be reached for immediate comment. On Friday, Infosys stock closed at Rs 3,361 apiece, up by 0.10% on NSE.