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Infosys grants nearly 2 mn stock units to Salil Parekh, other key officials

Other members of the leadership team including CFO, M D Ranganath, Presidents Ravi Kumar S and Mohit Joshi have also been given stock units

Press Trust of India  |  New Delhi 

Salil Parekh
Salil Parekh, CEO & MD, Infosys

India's second largest IT services firm today said it has granted 1.13 lakh units (RSUs) to its new chief executive,

In all, it has given 19.3 lakh RSUs to its senior executives and other employees.

Other members of the leadership team including CFO, M D Ranganath, Presidents S and have also been given stock units of the Benagluru-based firm.

Of the total 1.13 lakh RSUs given to Parekh, 84,768 RSUs will vest over a period of two years (one-time grant), while the remaining 28,256 units will vest over three years (annual grants), said in a BSE filing.

"...stock incentives in the form of RSUs were granted to certain Key Managerial Personnel and other eligible employees under the 2015 Stock Incentive Compensation Plan by the Board/Nomination and Renumeration Committee," it added.

The date of grant for these stock incentives is February 27, 2018 and the exercise price will be the par value of shares, the filing pointed out.

Ranganath, Kumar and Joshi were each granted 66,850 RSUs, while was given 12,400 units that will vest over a period of four years. Infosys' Manikantha has been given 2,000 RSUs.

The other "eligible employees" have been given over 16.02 lakh RSUs, the company said.

-- who joined in January this year -- was brought on board after the abrupt resignation of previous chief, Vishal Sikka, who had quit the company last year following a public spat with co-founders, led by N R Narayana Murthy.

For the fiscal 2018-19, will receive an annual salary of Rs 6.5 crore (fixed pay), and will be eligible for an annual variable pay of up to Rs 12.18 crore, subject to achievement of certain milestones.

The former will also receive RSUs and equity grants as part of his compensation.

First Published: Mon, March 05 2018. 19:45 IST