Infosys co-founder and chairman N.R. Narayana Murthy sold company shares worth around US$37mn to set up a venture capital fund for incubating Indian start-ups. Murthy will use the money as seed capital for a venture capital fund which he plans to set up in India. A statement issued by Infosys said that the proposed venture capital fund would encourage and support young entrepreneurs having brilliant business ideas. "The fund will primarily invest in India and may, on a case-to-case basis, consider investing overseas," Infosys said. In a statement issued to the stock exchanges on Thursday, Infosys said that Murthy had sold eight lakh shares, some 0.13% of the company's equity capital, on October 21 and October 22, raising around Rs1.74bn. After the transactions, Murthy holds 2.38mn shares in Infosys.
Narayana Murthy turns Venture Capitalist
