Family members of Infosys co-founder SD Shibulal have sold 85 lakh shares of the company worth Rs 777 crore. The proceeds will be utilized for philanthropic and investment activities.

Shibulal's son Shreyas sold 40 lakh shares, "representing 0.09 percent of Infosys Ltd by way of sale on the platform of the stock exchange on July 22, 23 and 24, 2020", as per an exchange filing.

He previously held 0.66 percent shares in Infosys and post the transaction, his holding has come down to 0.56 percent, it added.

The transaction, which saw shares being sold in three tranches, was valued at Rs 365.65 crore.

The statement issued by Shibulal's family office said "over the last three days (July 22, 24), his family members have sold a portion of (representing approximately 0.20 percent of the paid-up equity share capital) their holding in Infosys Ltd on the stock exchanges".

Proceeds from the partial stake monetization will be utilized for a combination of philanthropic and investment activities, it added.

Gaurav Manchanda, the son-in-law of the Infosys co-founder, sold 18 lakh shares (0.04 percent) and his shareholding in the company now stands at 0.32 percent, additional filings by the IT company showed.

His transaction was worth Rs 164.56 crore.

About 15 lakh shares (0.03 percent) held by grandson Milan Shibulal Manchanda were sold on the same dates for Rs 137.11 crore, bringing his shareholding to 0.33 percent post the transaction.

SD Shibulal's wife, Kumari, sold 12 lakh shares (0.03 percent) of Infosys and her shareholding is now at 0.22 percent. This transaction was worth Rs 109.68 crore.

Cumulatively, the value of transactions comes at about Rs 777 crore.

The sale was executed by Citigroup Global Markets India as the Sole Broker.

Shibulal along with NR Narayana Murthy and five others founded Infosys in 1981. Shibulal served as the Chief Executive Officer and Managing Director of Infosys from 2011 to 2014. Prior to becoming CEO and MD, he served as the Chief Operating Officer of the company from 2007-2011.

Currently, he invests in technology startups through Axilor Ventures that he co-founded with Infosys co-founder Kris Gopalakrishnan.