Shares went on sale at a fixed price of $32 each.
Shares in Infosys dropped by more than 3% on Monday after its founders offloaded 32.6 million shares worth $1.1bn.
Four Infosys founders, Narayana Murthy, Nandan Nilekani, S.D. Shibulal and K. Dinesh, reportedly put their shares on sale at a fixed price of $32 each, a 4% price cut to Friday’s trading close, Reuters said.
As of late September 2014, the founders held a 15.92% stake in Infosys, with a 42.67% stake held by foreign institutional investors and 14.48% held by domestic institutional investors.
Deutsche Bank has been appointed as the book runner for the deal, with names of share buyers remaining undisclosed.
During the past six months, the stock of Indian IT-services outsourcer rose by more than 50%, meaning its first non-founder CEO Vishal Sikka would make a turnaround in the company’s business, which has been sluggish over the past few years.
Some investors blame the company’s risk averse management team, comprising its founders and co-founders, for failing to escalate the value-chain.