Infosys Amps Up Reward Routine by Allotting Equity Shares As Stock Options to Top-Performing Employees Under Two Schemes
As per the reports, 1,04,335 shares were allotted under the 2015 Stock Incentive Compensation Plan, and 4,07,527 equity shares were allotted under the Infosys Expanded Stock Ownership Program of 2019.
Mumbai, May 15: Employees of Infosys are filled with joy as the IT giant has rewarded the top-performing workers with equity shares as stock options under two schemes. Infosys has allotted more than 5.11 lakh equity shares to eligible employees. The allotment of shares was done on May 12. The main motive of these schemes is to expand employees' ownership in the company and as a reward for their performance. Infosys Cut Hiring by 46% in Fiscal Year 2023, Reduces Headcount by 3,611 Employees While Resisting Layoffs.
Infosys, in its exchange filing on May 14, said, "This is to inform that the Company has allotted 5,11,862 equity shares on May 12, 2023, pursuant to the exercise of Restricted Stock Units by eligible employees." As per the reports, 1,04,335 shares were allotted under the 2015 Stock Incentive Compensation Plan, and 4,07,527 equity shares were allotted under the Infosys Expanded Stock Ownership Program of 2019. Infosys President Mohit Joshi Resigns, Appointed MD and CEO Designate at Tech Mahindra.
The Free Press Journal reported that the company's issued and subscribed share capital increased to Rs 20,74,93,73,460 divided into 4,14,98,74,692 shares of Rs 5 each after the allocation. On BSE, Infosys' share price closed at Rs 1,261.30 apiece, up by 1.24%. Infosys is the third-largest company in Indian and second largest in the IT segment in terms of market value. The company has a market cap of over ₹5.16 lakh crore.
For the unversed, when it comes to IT companies, employees tend to receive many rewards in the form of bonuses, incentives and even equity shares. Mukesh Ambani-owned Reliance also rewarded its employees with shares in January. The telecom giant allotted 15,000 shares worth Rs 1,50,000 as stock options, the company announced through an exchange filing. The shares worth Rs 10 each were allotted under the Employee Stock Option Scheme 2017.
(The above story first appeared on LatestLY on May 15, 2023 10:17 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).