Narayana Murthy sells Infy stock for VC fund
Bangalore, Oct 23: Taking his first step towards starting a venture capital (VC) fund focused on India, the co-founder of Infosys, N R Narayana Murthy has reportedly sold company shares worth 37 million dollars on Wednesday, Oct 23 and Thursday, Oct 22.
Narayana Murthy one of the most successful entrepreneurs of the country offloaded as many as 800,000 shares from his personal holding to raise about Rs 177 crore, Infosys said in a filing with the Bomby Stock Exchange on Thursday, Oct 22.
"The venture capital fund will encourage and support young entrepreneurs having brilliant business ideas," said the filing.
"The fund will primarily invest in India and may on a case-to-case basis consider investing overseas."
Mr Murthy founded the country's second largest software services exporter in 1981 with six others. The founders set up the company with just 250 dollars borrowed from families.
Narayana Murthy who set up the one of the leading IT company this way soon became the inspiration for the Indian middle class and model for entrepreneurs.