Infosys board member V Balakrishnan has sold 1 lakh shares of the company held in the names of his family members for R33 crore, the IT major has informed the NSE. The shares of 50,000 each were held in the names of Sneha and Shweta Balakrishnan. Post the sale, the holdings of both members have been reduced to zero.
Balakrishnan, an important member of the Infosys executive council, is reckoned to be one of the contenders for the CEO’s post when the term of current incumbent SD Shibulal ends in the middle of 2015. Balakrishnan was earlier the firm?s CFO.
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