Rs 23 crore worth of stock for Infosys CEO Parekh

In a double bonanza for Infosys Chief Executive Salil Parekh, the software major`s board on Monday approved granting stock options valued at Rs 23 crore as a reward for his performance and steering the company to new heights.

"The board approved the performance-based grant of restricted stock units (RSUs), amounting to Rs 13 crore for fiscal 2010-21 under the 2015 stock incentive compensation plan to Parekh," said the city-based IT major in a regulatory filing on the BSE.

The RSUs are in line with Parekh`s employment agreement when he joined the outsourcing firm in January 2018 from the French IT major Capgemini.

The $12.8-billion firm`s investors approved the grant through postal ballot on February 2018 and later at its annual general meeting on June 22, 2019.

"The stock will be granted from May 2 and the number of shares will be calculated based on the market price at the close of trading on May 2," said the filing.

The board also granted annual performance-based stock incentive to Parekh as equity shares with Rs 10 crore market value under the company`s expanded stock ownership programme-2019.

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The board approved granting annual performance-based stock incentives to Chief Operating Officer (COO) U.B. Pravin Rao as equity shares valued at Rs 4 crore under the 2019 plan.