Infosys founder NR Narayana Murthy’s five-month-old grandson Ekagrah Rohan Murthy stands to earn Rs 4.2 crore as the IT giant announced a final dividend and a special dividend.
With the announcement of Q4 results on Thursday, Infosys has declared a final dividend of Rs 20 and a special dividend of Rs 8, i.e. a total dividend of Rs 28 to its shareholders.
Infosys founder Murthy’s infant grandson Ekagrah stands to earn Rs 4.2 crore with this move.
Ekagrah became one of India’s youngest millionaires after his grandfather gifted him 15 lakh Infosys shares.
The record date for the payment of the final dividend and special dividend is May 31, 2024. The dividend will be paid on July 1, 2024, said Infosys in a stock exchange filing.
Son of Narayana Murthy’s son Rohan Murthy and daughter-in-law Aparna Krishnan, Ekagrah Rohan Murthy, owns 0.04 per cent of Infosys and his stake in the IT company is worth at least Rs 210 crore, at the current share price range of Rs 1,400.
Post this acquisition, Murthy’s share in Infosys reduced to 0.36 per cent from 0.40 per cent, or over 1.51 crore shares.
The mode of the transaction was “off-market”. However, Ekagrah’s overall value of Infosys shares declined by Rs 30 crore as they fell roughly Rs 200 apiece since he was gifted with them.
In the Q4 (January to March), Infosys net profit surpassed market expectations to record a 30 per cent YoY jump from Rs 6,134 crore to Rs 7,975 crore. The revenue from operations of the company witnessed a moderate jump of 1.3 per cent during the quarter at Rs 37,923 crore.
Further, the company also experienced a notable reduction in headcount, marking the first decline since 2001. In FY24, the overall number of employees stood at 317,240, reflecting a decrease of 25,994 individuals, which indicates a 7.5 per cent reduction from the year-ago period.