Three Infosys Ltd (INFY) co-founders and one co-founder’s wife have sold $1 billion worth of the company’s stock.

N.R. Narayana Murthy, K. Dinesh, Nandan M. Nilekani and their families sold Infosys stock following a price gain. One of the reasons behind selling the stock was to take part in philanthropy. Together they sold 30.2 million shares at an average price of $32.14 a share, reports Bloomberg.

The wife of S.D. Shibulal, another of Infosys’ co-founders, also sold some of her shares to fund philanthropy. She sold 2.4 million of the company’s stock for the same average price as the other co-founders and their families. Her and the co-founder’s actions was part of a selldown that made up 2.8% of the company’s stock, Bloomberg notes.

“It’s a good profit taking opportunity for any shareholder before the year ends,” Taina Erajuuri, a fund manager for Infosys shareholder FIM India, told NDTV. “My outlook on the company depends on what happens in the third-quarter and how will the capital expenditure in the United States shape up next year.”

INFY stock was down 3% as of Noon Monday.

More From InvestorPlace