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Sudha Murthy Sells Shares Worth $92M For NRN’s VC Fund

05 November, 2009

Sudha Murthy, wife of Infosys co-founder and chief mentor N R Narayana Murthy, has sold shares worth Rs 430 crore or $92 million to back her husband’s plan to raise a venture capital fund. So, the fund corpus, as of now, is $129 million. 

In 1981, it was Sudha Murthy’s savings of Rs 10,000 that was a big contribution to the Infosys story.   

Filing made with exchanges show that Sudha Murthy sold 2 million shares, which amounts to a little less than a quarter of her holding of 1.62%. Last month, Murthy, India’s IT services industry icon, sold shares worth Rs 174.3 crore ($37 million) to set up an early stage VC fund Catamaran. India’s second-largest software exporter has said that Murthys do not plan any more stake sales for the fund.

As of September end, Murthy held a 0.55% stake in Infosys while his family held another 4.42% stake in India’s second-largest IT services provider.

In the same filing made to the Bombay Stock Exchange, Infosys said that S. Gopalakrishnan, CEO and MD of Infosys, has bought 4 lakh shares in the firm for Rs 86.6 crore. Gopalakrishnan and his family hold a 3.34% stake in Infosys.

“The Venture Capital Fund will encourage and support young entrepreneurs having brilliant business ideas. The Fund will primarily invest in India and may on a case-to-case basis consider investing overseas,” an earlier statement had said. The VC fund will look at areas like healthcare, retail, technology with early stage investments.


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2 Comments
sankalp Chandelkar . 6 years ago

it is an very good move to start a VC fund by IT Giant it will definitely encourage young enterpreneurs like us to take up bold steps to start a venture

Wants to know more about which are the specific fields in technology will be targeted by CATAMARAN

swaminathan . 6 years ago

I hope they would surely encourage innovative ideas on various other technologies additional to IT. Idea of funding early start up is a good move.

Sudha Murthy Sells Shares Worth $92M For NRN’s VC Fund

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