Infosys promoters, including iconic co-founders N R Narayana Murthy and Nandan Nilekani, have offered to sell as many as 1.77 crore shares -- worth up to Rs 2,038 crore -- in the company's Rs 13,000 crore buyback offer.

The promoters group -- which includes most of the founders and their families -- have expressed their intention to be part of the company's first buyback plan in its over three-decade history and have offered to tender a maximum of 1.77 crore shares.

While Infosys recovers from the deep wounds inflicted on it in the battle of values between its promoters and its former management and board members, the fight is still far from over; only it seems to be moving away from the company and turning into a personal clash between founder Narayana Murthy and former Chairman R Seshasayee.

Seshasayee, who resigned as the Chairman of the board of India’s second-largest information technology services firm earlier last month upon the return of Nandan Nilekani — one of the original founders — to the company, released a statement today hitting back at Narayana Murthy.

Bengaluru: Infosys Ltd co-founder N.R. Narayana Murthy on Tuesday backed newly appointed chairman Nandan Nilekani to fix corporate governance lapses and also hailed last week’s overhaul of the board that resulted in the exit of four members, including previous chairman R. Seshasayee.

Murthy also took a direct shot at former and current board members, Jeffrey Lehman and Roopa Kudva, alleging that the board asked him to sign a non-disclosure agreement if he wanted to know the reason behind Infosys agreeing to pay Rs17.38 crore in severance to former chief financial officer Rajiv Bansal.

Infosys on Monday said some of its founders would participate in the company’s share buyback, a disclosure that comes after Nandan Nilekani became chairman of the firm to stem the crisis that emerged after Vishal Sikka’s exit as chief executive officer (CEO).

Sikka was the first non-promoter CEO in the company. The founders, who, along with their family members, are categorised as the promoter group, hold 12.74 per cent or a little more than 292 million equity shares in the information technology (IT) services major.

Bengaluru: The board of Infosys on Friday termed as “unfortunate” the past differences with founder NR Narayana Murthy and said it never intended to cause him “personal distress or anguish”.

Addressing a press conference after the board meeting, newly appointed Infosys chairman Nandan Nilekani said,“The board is focused on bringing complete stability to the company and that it has tasked its committee of directors to work with the CEO and management to refresh the company’s strategy by October.”

Infosys co-founder Narayana Murthy's address to investors has reportedly been postponed to next week.

Murthy was scheduled to address investors today, days after being blamed by the Infosys Board for Vishal Sikka’s resignation as MD and CEO.

Omkar Goswami, who was on the board of Infosys from 2000 to 2015, has told co-founder NR Narayana Murthy to walk away and let the company do its business by healing itself from the injuries inflicted upon it by Murthy's own actions.

"Enough is enough. You have drawn first blood. Do not mortally wound the organisation by persisting in your actions. Let Infosys get on with its business, heal itself from the injuries that you have inflicted and again grow shareholder value," Goswami has said in an open letter published in The Economic Times.

Investors of Infosys’ American Depository Receipts (ADR) have written to Indian markets regulator Securities and Exchange Board of India (Sebi), complaining about the role of founders in criticising the decisions taken by the board of directors. The ADR holders alleged that this unwarranted criticism had caused them significant losses.

Shares of Infosys fell 9.6 per cent in the domestic market on Friday and another 5.4 per cent on Monday, while the ADR was down 7.2 per cent on Friday and was trading 2.5 per cent lower on Monday at 7:45 PM IST.

Infosys has lost nearly Rs 34,000 crore in carket capitailisation (market-cap) in the past two trading sessions after the resignation of Vishal Sikka from the post of Chief Executive Officer and Managing Director (CEO and MD).

At 03:30 pm; with a market-cap of Rs 200,640 crore on Monday, Infosys has lost Rs 33,915 crore market-cap in past two trading sessions, from Rs 234,555 crore on Thursday, August 17, 2017. The company has seen market-cap erosion of Rs 90,406 crore from its peak level of Rs 291,046 crore on July 6, 2016.

Infosys board on Friday was all praise for the outgoing CEO for the services rendered. We differ in our assessment.

Though Vishal Sikka delivered better than the industry results, he misled small investors and didn’t measure up to the largest group of shareholders – the erstwhile promoters who collectively still hold 12.75 per cent in the company.

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