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IRIS founder Krishnan announces trading plan for sale of own shares

To offload 2 lakh shares in a year starting August 2023. According to Sebi rules, any trading plan once approved is irrevocable and has to be implemented

January 13, 2023 / 10:07 IST
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Balachandran Krishnan, Founder and Chief Financial Officer, IRIS Business Services, has announced a trading plan for selling some of his shares between August of this year and the next.

Krishnan has informed the exchanges he will sell 2,00,000 equity shares of the company in one or more tranches. As of September end of 2022, Krishnan owned 11,04,000 shares, or a 5.7 percent stake, in the company. Overall, the promoter group held a 38 percent stake in IRIS Business Services.

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The trading plan

This is one of the rare instances when a promoter has given a schedule for selling his holdings. A trading plan once approved is binding on the person filing such a plan.