UK First Lady Akshata Murthy Expected To Earn Rs 68 Crore Dividend From Infosys Shares For FY23

India¡¯s IT giant Infosys last Friday finalised the eligible shareholders of the company who will receive the final dividend payment for FY2022-23. The board of directors of Infosys had fixed June 2, 2023, as the record date and accordingly informed on the said date about the final dividend payment.

Infosys Dividend Payment

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Infosys said, "This has reference to our letter dated March 14, 2023, regarding the captioned subject. The Board, at their meeting held on April 12-13, 2023, transacted the following items of business: Recommended a final dividend of ?17.50 per equity share for the financial year ended March 31, 2023.

On the dividend record date, Infosys informed, "The record date for the purposes of the Annual General Meeting and payment of final dividend is June 2, 2023. The dividend will be paid on July 3, 2023."

How Much UK First Lady Akshata Murthy Will Earn

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As per the dividend payment rule, those who hold the stock on the dividend record date are eligible for the payment of the dividend announced by the listed entity, as per Mint. As per the shareholding pattern of Infosys for January to March 2023 quarter, UK first lady Akshata Murthy, who is the wife of UK PM Rishi Sunak holds 3,89,57,096 Infosys shares or 1.07 per cent stake in the company.

As Infosys has declared ?17.50 per share final dividend and Akshata Murty holds 3,89,57,096 Infosys shares, her net worth is expected to rise by ?68,17,49,180 or to the tune of about ?68 crore after this final dividend payment next month. However, this rise in Akshata Murty's net worth is subject to her shareholding on the record date of dividend payment i.e. June 2nd 2023.

She had earned about Rs 126 crore as dividends from Infosys shares last year.

Infosys reported a sequentially weak quarter in the period ending March 31, 2023 (Q4FY23). The IT giant's Q4 PAT came in at ?6,128 crore down by nearly 16 per cent QoQ. While revenue also dipped by 2.2 per cent QoQ to ?37,441 crore. In constant currency, the company's revenue growth came in at 3.2 per cent QoQ and 8.8 per cent YoY. The operating margin stood at 21 per cent in Q4, the report mentioned.

Also Read: Infosys Co-Founder Spending Hundreds Of Crores On Brain Research

Tax On Infosys' Dividend

As per Indian Income Tax Act, 1961, dividend paid and distributed by a company is taxable in the hands of shareholders. Thus, as mentioned on the Infosys website, companies paying dividends are required to withhold tax at the applicable tax rates for Resident shareholders at 10% with a valid Permanent Account Number (PAN) or at 20% without/invalid PAN and for Non-Resident shareholders at the rates prescribed under the Act or Tax Treaty, read with Multilateral Instruments, if applicable.

Narayana Murthy Likely To Earn Rs 29 Crore

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Infosys co-founder Narayana Murthy owned 1,66,45,638 shares, or 0.46 percent stake, in Infosys, according to the March quarter shareholding data, as per CNBCTV18 report. The dividend of Rs 17.50 per share would add Rs 29.13 crore to the co-founder's wealth.

Infosys had reportedly paid a total of Rs 6,309 crore in dividends in FY22 and Rs 5,112 crore in dividends in FY21. This is against Rs 11,391 crore dividends by HCL Technologies and Rs 7,686 crore dividends by TCS in FY22. TCS paid Rs 8,510 crore in dividends and HCL Tech Rs 2,714 crore in FY21.

Also Read: Narayana Murthy Shares Why He Once Turned Down Air India's Job

How Much The Murthy Family Owns In Infosys

According to Infosys filings, the Murthy family reportedly owns 4.15 percent (Narayana Murthy holds 0.46 per cent stake, his wife Sudha 0.95 per cent, son Rohan 1.67 per cent and daughter Akshata 1.07 percent) in Infosys.

Other promoters include Co-Founder S Gopalakrishnan, Nandan M. Nilekani and S.D. Shibulal and their families.

Also Read: 'Are You Joking?' Sudha Murty's 10 Downing Street Address Stuns UK Immigration Officer

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