Hyderabad: Narayana Murthy's five-month-old grandson, Ekagrah Rohan Murty turned millionaire last month when his billionaire grandfather gave him a handsome gift of 15 lakh Infosys shares, worth over Rs 240 crore. Now, Ekagrah is getting even more wealthy. He is receiving Rs 4.2 crore from Infosys dividend.
The Infosys’ board has recommended a final dividend of Rs 20 per equity share, and a special dividend of Rs 8 per stock for the financial year that ended March 31. The dividend will be paid on July 1.
According to a regulatory filing last month, Narayana Murthy gifted shares worth more than Rs 240 crore to his grandson. Ekagrah Murty, a five-month-old boy, received 15 lakh shares, or 0.04 per cent stake, in the IT major. With the total dividend of Rs 28, Ekagrah Murty is now set to pocket Rs 4.2 crore.
The 77-year-old Infosys founder had gifted shares to his grandson in an off-market transaction. With this, Narayana Murthy's holding in the company fell to 0.36 per cent, or more than 1.51 crore shares.
In November last year, Narayana Murthy and his wife and now Rajya Sabha MP, Sudha Murty, became grandparents after their son Rohan Murty and wife Aparna Krishnan welcomed a baby boy.
Born to Rohan Murty and Aparna Krishnan on November 10 in Karnataka's capital Bengaluru, Ekagrah is the third grandchild of Narayana Murthy and Sudha Murthy. Narayana Murthy and Sudha Murthy also have two granddaughters -- Krishna and Anoushkaa Sunak, the daughters of UK Prime Minister Rishi Sunak and Akshata Murty. In terms of Infosys ownership, Akshata holds a 1.05% stake, Sudha owns 0.93%, and Rohan possesses 1.64%, as of the end of the December quarter.
The Murthy family has been constantly in talks for various reasons. From the son-in-law of the family becoming the UK Prime Minister to Narayan Murthy dropping the 70 hours a week work schedule for the youth, and now the share gifting to the grandson, the Murthy family has had it all.
The Infosys founder fell into controversy after he advised the youth of the country to work 70 hours a week in October last year. The appeal faced brickbats from working professionals as well as other CEOs for promoting a lack of work-life balance. A very small mass of people supported the statement while the majority opposed stating mental and physical health.
