Infosys founder NR Narayana Murthy's five-month-old grandson Ekagrah Rohan Murty stands to earn Rs 4.2 crore as the IT giant announced a final dividend and a special dividend on April 18.
Apart from announcing Q4 results, Infosys also said that its Board recommended a final dividend of Rs 20 per equity share for the financial year ended March 31, 2024 and additionally a special dividend of Rs 8 per equity share.
The record date for the payment of 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.
Last month, Narayana Murthy had gifted shares worth over Rs 240 crore to Ekagrah.
Ekagrah had acquired 15 lakh shares, or 0.04%stake, in India's second-largest information technology services company. Considering the overall Rs 28 dividend, Ekagrah will earn Rs 4.2 crore.
Post this acquisition, Murthy's share in Infosys reduced to 0.36%from 0.40 percent, or over 1.51 crore shares. The mode of 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 them. On April 19 at 11:15 am, Infosys shares were trading 1.2% lower at Rs 1,402.4 apiece.
In November 2023, Murthy and his wife, author-philanthropist Sudha Murty, became grandparents after their son Rohan Murty and wife Aparna Krishnan welcomed a baby boy. The newborn is the third grandchild of the Murthys, who are grandparents to the two daughters of UK's First Lady Akshata Murty.
On April 18, Infosys forecast annual revenue below expectations as global macroeconomic uncertainty pressures client spending on discretionary projects.
For fiscal 2025, Infosys forecast revenue growth between 1% and 3% in constant currency.
Revenue at Infosys rose 1.3% to Rs 37,923 crore in the January-March quarter.
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