Infosys gifts Sikka shares worth Rs.8.2 crore
Infosys Ltd. has granted restricted stock units currently valued at Rs.8.2 crore to its new chief executive Vishal Sikka. In a regulatory filing to the Bombay Stock Exchange (BSE) Friday, the software major said its board's management development and compensation committee decided Thursday to give 22,794 units to Sikka at Rs.5 per unit, which is on par with its equity share price (Rs.5).
The value of the stock units was Rs.8.2 crore at Friday's closing of its blue chip at Rs.3,600 per share on the BSE. "The units will vest (with Sikka) for over four years subject to his continued employment and upon achieving key performance indicators from time to time," the company said in the filing.
The 47-year-old former SAP board member joined the $8.3-billion IT services firm Aug 1 as the first non-founder chief executive after its co-founder S.D. Shibulal who demitted office July 31. As part of the compensation package, Sikka will earn $5.1-million (Rs.30 crore) annually, including $900,000 as base salary and a variable pay of $4.2 million.
The company's investors endorsed Sikka's appointment as CEO and wholetime director for five years at an extraordinary general body meeting here July 30.