Amarchand Mangaldas advised Infosys founders NR Narayana Murthy, SD Shibulal, Nandan Nilekani and K Dinesh alongside family members Kumari Shibulal, Deeksha Dinesh, Asha Dinesh, Akshata Murthy, Sudha Murthy, Rohini Nilekani and Divya Dinesh, who together have sold around 32.6 million Infosys shares worth around $1.1 billion through a block deal in the open market.

Amarchand Mumbai managing partner Cyril Shroff and capital markets partner Yash Ashar acted for the founders and family.

AZB & Partners Mumbai partner Varoon Chandra acted for Deutsche Bank, which was the broker to the deal.

The sale follows the appointment of a non-founder and first outsider, Vishal Sikka, as Infosys’ Chief Executive Officer a few months ago, reported The Hindu, adding that reports of the sale pulled the company’s share price down 4.65 per cent on BSE this morning.