Infosys board approves annual stock grants worth Rs 34.75 crore to CEO Salil Parekh

The Infosys board on April 18 approved annual stock grants worth Rs 34.75 crore to Salil Parekh, the managing director and chief executive officer of the second-largest IT company of India, according to a statement.

The grant, issued under the 2015 stock incentive compensation plan, includes annual performance-based stock incentives in the form of restricted stock units, according to the company statement.

Infosys on April 18 reported a net profit of Rs 7,969 crore for the fiscal fourth quarter, beating Street estimates. The company reported revenue of Rs 37,923 crore in the three months ended March 31, according to an exchange filing.

It also announced that it is set to acquire in-tech, an engineering R&D services provider with a focus on the German automotive industry.