Bengaluru: Infosys founder NR Narayana Murthy gifted shares worth over Rs 240 crore to his four-month-old grandson Ekagrah Rohan Murty, making him the youngest millionaire in the family.
Ekagrah now owns 15,00,000 shares, amounting to a 0.04 percent stake in Infosys, India's second-largest information technology services company, an exchange filing revealed.
Following this gift, Narayana Murthy's share in Infosys decreased to 0.36 percent from 0.40 percent, which represents over 1.51 crore shares.
The transaction was conducted "off-market."
Narayana Murthy and Sudha Murty, his wife and author-philanthropist, became grandparents in November last year when their son Rohan Murty and his wife Aparna Krishnan welcomed a baby boy.
Ekagrah is the third grandchild of the Murthys, who also have two granddaughters through their daughter Akshata Murty who is married to UK Prime Minister Rishi Sunak.
Murthy founded Infosys in 1981 along with six other co-founders. Infosys is one of India's largest IT services companies and has played a significant role in the growth of India's IT industry.
The decision to list Infosys on Nasdaq in March 1999 was a significant milestone for the company. This move not only provided Infosys with access to international capital markets but also increased its visibility on the global stage.
The Nasdaq listing helped Infosys establish itself as a global player in the IT industry and paved the way for its continued growth and success in the years to come.