IT major Infosys on Friday allotted over 511,000 equity shares to employees who were eligible in two schemes.
The shares have been allotted as a reward to the employees for their contribution to the growth of the company and to expand their ownership, the company said in an exchange filing.
On May 14, Infosys in a BSE filing said, "This is to inform that the Company has allotted 511,862 equity shares on May 12, 2023, pursuant to the exercise of Restricted Stock Units by eligible employees." It further added, "Consequently, on May 12, 2023, the issued and subscribed share capital of the Company stands increased to Rs 20,749,373,460/- divided into 4,149,874,692 equity shares of Rs 5/- each."
Under the 2015 Stock Incentive Compensation Plan, 104,335 equity shares were allotted and 407,527 shares were allotted under the Infosys Expanded Stock Ownership Program 2019.
The move comes at a time when the attrition rate in Infosys is high. The IT major ended the March quarter with 3,611 fewer employees than in the previous quarter.
Infosys 2015 Incentive Compensation Plan- It aims to attract retain and motivate talented individuals. It also encourages professionals to align their individual performances with the objectives of the company.
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The Infosys 2015 Incentive Compensation Plan has replaced the previous Restricted Stock Units (RSU) plan.
Infosys Expanded Stock Ownership Program 2019 - It aims to increase shareholder value by expanding employee ownership of the organisation. This is done to incentivise, retain and attract key talent through this performance-based stock grant program.