Infosys allots Rs 64 crore worth of equity shares to employees
Infosys has informed the stock exchanges that it has allotted 5,11,862 equity shares on May 12, 2023. This comes under the exercise of Restricted Stock Units by eligible employees. At current market, the 5,11,862 shares are valued at around Rs 64 crore.
The IT company have further provided details regarding the allotment of the shares. Out of the whole lot, 1,04,335 shares have been allotted under 2015 Stock Incentive Compensation Plan and the remaining, 4,07,527 shares, are allotted under Infosys Expanded Stock Ownership Program 2019.
Under Infosys Expanded Stock Ownership Program 2019, there is no lock-in period in respect of shares received post exercise of the award. The purpose of this program is to extend the ownership of employees, which will in turn help in retaining and attracting key talents through this performance-based stock. All the employees of Infosys are eligible to participate in this program. The appraisal process for determining the eligibility of employees in regards to granting the restricted stock, is to be evaluated and decided by an administrator who has been working at their level in the organisation. The administrator is in bestowed the responsibility to take an employee’s various skills, performance and future potential into consideration before arriving at a decision.