In a major move, Narayana Murthy, the founder of Indian IT giant Infosys, has gifted shares worth over Rs 240 crore to his four-month-old grandson, Ekagrah Murty. This has led to a decrease in Murthy's stake in the company to 0.36%. His wife and newly appointed Rajya Sabha MP Sudha Murty was present during her oath-taking ceremony last week.
N. R. Narayana Murthy Gifts Shares to Grandson, Decreases Stake in Infosys
In a noteworthy move, Narayana Murthy, the esteemed founder of Indian IT giant Infosys, has recently gifted shares worth over Rs 240 crore to his four-month-old grandson, Ekagrah Murty. This transfer of ownership has resulted in a decrease in Murthy's stake in the company to 0.36%.
Background
N. R. Narayana Murthy is a renowned figure in the Indian business landscape. He co-founded Infosys in 1981 with six other engineers and played a pivotal role in establishing the company as a global leader in the IT industry. Under his visionary leadership, Infosys became one of the most successful IT companies in India, with a presence in over 80 countries and a diverse portfolio of services.
Gift to Grandson
On September 1, 2022, Murthy surprised the business community and the public alike by gifting Infosys shares worth over Rs 240 crore to his grandson, Ekagrah Murty. The transfer of ownership reduced Murthy's stake in the company to 0.36%. His wife, Sudha Murty, who is a renowned social worker and newly appointed member of the Rajya Sabha, was present during the gifting ceremony.
Speculation and Analysis
The gift of such a substantial amount of shares to a four-month-old child has sparked speculation and analysis among experts and industry observers. Some commentators believe it could be a way for Murthy to ensure the financial security of his grandson in the future. Others speculate that it may be a form of tax planning or estate management.
Top 5 FAQs
1. Why did N. R. Narayana Murthy gift shares to his grandson?
The exact reason for the share transfer is not publicly known. However, experts speculate it could be for financial security, tax planning, or estate management purposes.
2. How much is the value of the gifted shares?
The shares gifted to Ekagrah Murty are valued at over Rs 240 crore, or approximately US$30 million.
3. What is the motive behind this move?
The full motive behind this decision is unknown. However, it is likely that Murthy wants to secure his grandson's financial future and ensure the continuity of his legacy within Infosys.
4. Will this move affect Infosys' governance and leadership?
It is unlikely that this move will have a significant impact on Infosys' governance or leadership. Murthy remains the company's founder and chairman emeritus, and he continues to play an influential role in its operations.
5. What are the tax implications of this share transfer?
The tax implications of the share transfer will depend on various factors, including the age of the recipient, his or her residential status, and the specific tax laws applicable to such transactions.
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