Infosys Incentivises 7,000 Employees By Granting Shares

Infosys, the country's second largest software services company, has incentivised its mid-level employees by offering them stock incentives. The Bengaluru-based information technology company is giving 2,298,020 shares from the Restricted Stock Units (RSUs) to the mid-level eligible employees. "This is to inform that 2,298,020 stock incentives in the form of Restricted Stock Units were granted to 6,949 mid-level eligible employees of the Company /subsidiary Companies under the 2015 Stock Incentive Compensation Plan," Infosys said in an exchange filing on Thursday after market hours.

"The date of grant for these stock incentives is November 1, 2019, in line with the Company's compensation calendar timelines. The exercise price will be the par value of shares. These RSUs will generally vest in 4 equal instalments," Infosys added.

In April, the Infosys board had approved performance-based stock ownership programme for employees. Close to five crore shares were allocated to incentivise employees.

Infosys was in news recently after the company said it had received complaints from anonymous whistleblowers alleging certain unethical practices. The whistleblowers accused CEO Salil Parekh of leading an effort to shore up profits through irregular accounting. Following the allegations levelled by whistleblowers, Infosys shares on Tuesday suffered their biggest single-day slump in over six years which led to erosion of investors' wealth worth Rs 53,000 crore.

Infosys said that the complaints "have been placed before the Audit Committee as per the Company's practice and will be dealt with in accordance with the Company's whistleblower policy", Infosys said in a regulatory filing on Monday.

Infosys shares were trading 0.83 per cent higher at Rs 640.70 on the BSE, outperforming the Sensex which was trading on a flat note.