Infosys, India’s second-largest IT firm, has allotted 5.11 lakh shares to eligible staff as an incentive for his or her contributions to the corporate’s progress. The shares have been allotted below two programmes — the 2015 Stock Incentive Compensation Plan and the Infosys Expanded Stock Ownership Program 2019.
“The firm has allotted 5,11,862 fairness shares on May 12, 2023, pursuant to the train of Restricted Stock Units by eligible staff as hereunder: 1,04,335 fairness shares below the 2015 Stock Incentive Compensation Plan; 4,07,527 fairness shares below the Infosys Expanded Stock Ownership Program 2019,” Infosys said in a statement.
On May 12, 2023, Infosys’ issued and subscribed share capital stands increased to Rs 20,749,373,460 (or Rs 2,074.93 crore) divided into 4,149,874,692 (or nearly 4.15 billion) equity shares of Rs 5 each.
The Infosys Expanded Stock Ownership Program 2019
The purpose of this Plan is to increase shareholder value, by expanding employee ownership of the Company, in order to incentivise, retain and attract key talent through this performance-based stock grant programme.
Those who are eligible include:
1) A permanent employee of the Company (or a Subsidiary of the Company) working in India or out of India, or
2) Directors or directors of any Subsidiary,
but shall not include
1) Any employee who is a Promoter or belongs to the Promoter Group, or
2) Any Independent Directors of the Company (or a Subsidiary of the Company); or
3) Director(s) who either themselves or through a relative or through any body corporate, directly or indirectly, hold more than 10% of the outstanding Shares.
Vesting: The Restricted Stock Units granted under the Plan shall vest based on the following three performance parameters, the relative weightage of which shall be determined by the Administrator provided that each parameter shall have a weightage of at least 25% and no single parameter shall have a weightage of more than 50%:
Lock-in Period: There will be no lock-in period in respect of the Shares received post-exercise of the Award.
The 2015 Stock Incentive Compensation Plan
The purposes of this plan are: Attract, retain and motivate talented and critical employees; Encourage employees to align individual performance with Company objectives; Reward employee performance with ownership in proportion to their contribution; Align employee interest with those of the organisation. The 2011 RSU Plan stands deleted and replaced by the 2015 Incentive Compensation Plan stated herein.
Those who are eligible include:
1) Employees, other than (A) any Employee who is a Promoter or belongs to the Promoter Group or holds 2 per cent or more of the outstanding Shares, or (B) except with the prior approval of the Reserve Bank of India, employees who are the citizens of Bangladesh, Pakistan or Sri Lanka; and
2) Directors or directors of any holding company or Subsidiary, other than (A) any Independent Directors or (B) Director(s) who either themselves or through a relative or through any body corporate, directly or indirectly, hold more than 10 per cent of the outstanding shares.
In This autumn FY23, Infosys posted a internet revenue at Rs 6,128 crore, a soar of seven.8 per cent over the year-ago interval. Its revenues throughout January-March 2023 elevated 16 per cent to Rs 37,441 crore, in contrast with Rs 32,276 crore a 12 months in the past. The internet revenue of Infosys had stood at Rs 5,686 crore within the corresponding interval final 12 months.
