Deutsche Bank is the sole book runner of the sale and the books were covered just after the launch, said Thomson Reuters publication IFR. It named the founders as Narayana Murthy, Nandan Nilekani, SD Shibulal and K Dinesh.
Some of the founders of Infosys want to sell shares for USD 1.1 billion in the Indian IT outsourcing company, a person familiar with the matter said, months after the company picked its first outsider as chief executive officer.
Four of the original founders, co-founders and their families are offering 32.6 million shares in Infosys at a fixed price of 1,988 rupees (USD 32) each, a 4 percent discount to Friday's close, the person said.
Deutsche Bank is the sole book runner of the sale and the books were covered just after the launch, said Thomson Reuters publication IFR. It named the founders as Narayana Murthy, Nandan Nilekani, SD Shibulal and K Dinesh.
The person declined to be named as the matter remained confidential and Infosys executives were not immediately available for comment.
Infosys, established by seven engineers in 1981, chose Vishal Sikka as its CEO in June in a bid to overhaul a company that was once the posterchild of India's USD 100-plus billion IT services industry but which had in recent years scrambled against rivals for low-margin contracts. Some investor said Infosys failed to move up the value-chain due to its risk averse management team which was largely comprised of the company's founders and co-founders.
Most of these executives have left the company since Sikka took office in August.
The founders and their families held a combined 91.5 million shares, or nearly 8 percent of Infosys' outstanding shares, according to the company's annual report.
Infosys shares are up 18.8 percent so far this year, while the benchmark Nifty is up about 35.4 percent.
Infosys stock price
On December 08, 2014, at 12:32 hrs Infosys was quoting at Rs 1978.95, down Rs 90.75, or 4.38 percent. The 52-week high of the share was Rs 4401.00 and the 52-week low was Rs 1971.00.
The company's trailing 12-month (TTM) EPS was at Rs 101.90 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 19.42. The latest book value of the company is Rs 366.51 per share. At current value, the price-to-book value of the company is 5.40.
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