Google co-founders Sergey Brin and Larry Page have revealed their plans to sell five million shares each over the next five years, in a move that will slash their combined shareholding in the company from 18 per cent to 15 per cent.

The plans were disclosed in a filing with the US Securities & Exchange Commission. The concerned sale of shares will slash their voting rights from existing 59 per cent to 48 per cent.

Based on Friday’s share price, each of the two would receive around $2.75 billion from the sale of shares.

Commenting on the topic, the internet search giant said, “They are both as committed as ever to Google and are integrally involved in our day-to-day management and product strategy.”

The Mountain View, California-based Google went public in 2004.

Shares in Google were trading at $550.01, down 5.7 per cent, on NASDAQ.