Infosys Shares Slump on Reports Founders to Sell stake

Shares in Infosys slumped 3.5 per cent in opening trade on reports that founders of the company are set to sell stake in the company. The stock was last quoting under Rs 2000 at Rs 1998, a drop of 3.5 per cent.

Reuters reported that four of the founders of Infosys Ltd are seeking to raise about $1.1 billion by selling stakes in the Indian IT outsourcing company, IFR reported on Monday.

The founders are offering 32.6 million shares in Infosys at a fixed price of Rs.1,988 apiece, a 4% discount to Friday's close, the report said. Deutsche Bank AG is the sole book-runner and the books were covered just after the launch, IFR, a Thomson Reuters publication said.

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