Infosys, the country’s second-largest IT company, has decided to incentivise nearly 7,000 mid-level employees in the form of restricted stock units (RSU). The company, headquartered in Bengaluru, filed a statement to the stock exchanges saying 2,298,020 stock incentives were given to 6,949 eligible employees.
"This is to inform that 2,298,020 stock incentives in the form of RSUs were granted to 6,949 mid-level eligible employees of the company/subsidiary companies under the 2015 Stock Incentive Compensation Plan," the statement read.
"The date of grant for these stock incentives is November 1, in line with the company's compensation calendar timelines. The exercise price will be par value of shares. These RSUs will generally vest in four equal instalments," the company added.
The decision of the IT services company comes when its profit for the second quarter of the financial year 2019-2020 has dipped by 2.2 per cent. Infosys registered a net profit of Rs 4,019 crore for the July-September 2019 quarter against Rs 4,110 crore in the same period last fiscal.
Infosys was expecting 7.5-9.5 per cent revenue growth for FY2019-20 and had raised its revenue growth guidance for the fiscal to 8.5-10 per cent.
"Our performance was robust on multiple dimensions revenue growth, digital growth, operating margins, operational efficiencies, large deal signings and reduction in attrition," Infosys CEO and MD Salil Parekh said.
Last month, the company ranked third on Forbes’ list of the ‘World's Best Regarded Companies' for 2019. Infosys co-founder Nandan Nilekani took to Twitter claiming pride in the company for the third rank.
Forbes’ editor, in a statement, said that the company made great strides and surpassed its goal to hire 10,000 American before the schedule.
“Forbes’ rankings include companies spanning across geographies. This year’s list has a global scope, reflecting the emerging prevalence of Asian companies in the United States. Infosys has made great strides in the U.S. this year, after surpassing its’ goal of hiring over 10,000 American employees well ahead of schedule,” the statement read.