Infosys grants 124,061 restricted stock units to Vishal Sikka

BENGALURU: India’s second largest software exporter Infosys has granted 124,061 more restricted stock units to chief executive Vishal Sikka, the company said in a filing to stock exchanges.

The RSUs were issued at a grant price of Rs 5 each, according to the filing. As part of his employment contract, Sikka is eligible to receive an annual grant of RSUs worth $2 million for every year that of his five-year tenure that he completes at the company.

“Based on the recommendation of the Nomination and Remuneration Committee, the Board of Directors of Infosys on June 22, 2015 granted 124,061 Restricted Stock Units (RSUs) to Dr. Vishal Sikka, Chief Executive Officer and Managing Director of the Company. The grant price of the RSU is Rs 5 per RSU. The RSU grant will be subject to the terms, definitions and provisions of the 2011 RSU Plan,” Infosys said in the filing to the US Securities and Exchange Commission.

In a separate filing issued on Tuesday, Infosys said that the company’s proposal to buy the healthcare business from its US-based unit Infosys Public Services had also been approved.

On Monday, after the company’s annual shareholder meeting in Bangalore, Sikka told reporters that Infosys would return to industry-level growth rates in financial year 2016-17.