Infosys founder NR Narayana Murthy has gifted shares worth ₹240 crore to his four-month-old grandson, Ekagrah Rohan Murthy, making him the youngest millionaire in India. The stock filing shows Murthy gifted 15,00,000 shares of IT services major to his grandson, making him a 0.04% stakeholder. Narayana Murthy's son Rohan Murthy and daughter-in-law Aparna Krishan welcomed the newborn, who is the third grandchild of the Infosys veteran and his wife Sudha Murthy. Murthy, credited with conceptualising the Global Delivery Model, set up Infosys in 1981 and today it has a market cap of ₹6,64,003.17 crore.
Infosys co-founder N.R. Narayana Murthy has recently made headlines by gifting shares worth a staggering ₹240 crore to his four-month-old grandson, Ekagrah Rohan Murthy. This generous gesture has made the infant the youngest millionaire in India.
Background
Narayana Murthy is a well-known figure in the Indian IT industry. He co-founded Infosys in 1981, a company that has since become one of the largest and most respected IT services companies in the world. Murthy is widely regarded as the architect of the Global Delivery Model, which transformed the way that software services are delivered globally.
The Gift
According to a stock filing, Murthy transferred 15,00,000 shares of Infosys to his grandson, making him a 0.04% stakeholder in the company. The value of these shares at the time of the gift was approximately ₹240 crore.
Reaction
The news of Murthy's gift has been met with a mix of reactions. Some have praised his generosity, while others have questioned the wisdom of giving such a substantial amount of wealth to a child who is too young to understand its value.
Top 5 FAQs
1. Why did Narayana Murthy give shares to his grandson?
Murthy has not publicly stated his reasons for gifting shares to his grandson. However, it is possible that he did so as a way to secure the child's financial future or to express his love and affection.
2. Is it legal to gift shares to a minor?
In India, it is legal to gift shares to a minor. However, the shares must be held in trust until the minor reaches the age of majority.
3. What is the tax implication of gifting shares?
Gifting shares in India is generally not taxable for the recipient. However, if the shares are sold at a profit, the recipient may be liable for capital gains tax.
4. Has Narayana Murthy gifted shares to his other grandchildren?
There is no publicly available information indicating that Murthy has gifted shares to his other grandchildren.
5. What is the future of Ekagrah Rohan Murthy's Infosys shares?
The value of Ekagrah Rohan Murthy's Infosys shares will fluctuate with the company's stock price. It is possible that the shares will continue to grow in value over time, but there is also the risk that they could lose value.
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