German enterprise software firm SAP’s Cofounder Hasso Plattner has sold the shares of the company worth $155m, divesting part of stake in the firm.
The shares will be sold by bank, which will act as a commission agent for the monthly sale of SAP shares with a fair value of €10m per month until the completion sell of all shares.
In order to protect the sale’s impact on stock price, every month about €10m worth of shares will be sold until completion of sale.
SAP said in a statement: "The sale will be carried out at the bank’s own discretion in the stock market or over the counter, for the first time in November 2012 and then again in the months January through November 2013."
According to data from Reuters Plattner has largest stake in SAP with 121.49 million shares, which represents 9.89% stake and as per the current share price the share value could be worth €7bn.
SAP is claimed to be the most valuable firm in the German blue chip index with about €73bn market capitalisation.