Infosys allots 5.11 lakh shares to staff under ESOP

Infosys, on May 14, 2023, informed in its regulatory filing that the company has allotted 5,11,862 equity shares to its staff under the employee stock ownership (ESOP) scheme. The stock was allotted on May 12, 2023. 

The regulatory filing said, "This is to inform that the Company has allotted 5,11,862 equity shares on May 12, 2023, pursuant to the exercise of Restricted Stock Units by eligible employees as hereunder:

• 1,04,335 equity shares under the 2015 Stock Incentive Compensation Plan;

• 4,07,527 equity shares under the Infosys Expanded Stock Ownership Program 2019.

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 per each."

At the time of writing this report, Infosys' shares were trading 1.45 per cent higher at Rs 1,263.60 piece on the BSE. The stock had hit a 52-week high of Rs 1,672.45 on December 1, 2022. The stock of the company came under heavy selling pressure after the company announced its March quarter results in April. On April 25, 2023, the shares hit a 52-week low of Rs 1,215.45.

For the March quarter, Infosys reported a 7 per cent quarter-on-quarter (QoQ) decline in its consolidated net profit at Rs 6,128 crore for the quarter ended March 2023 (Q4FY23). On a yearly basis, the profit grew 7.8 per cent. Revenue for the period stood at Rs 37,441 crore, down 2.3 per cent QoQ and up 16 per cent on a year-on-year (YoY) basis. Both the bottom line and top line missed Zee Business analysts' estimates as the research house had projected revenue growth of 1.8 per cent on a sequential basis to Rs 39,000 crore while PAT or profit after tax was expected to come in at Rs 6,600 crore, up 0.2 per cent.