Infosys Technologies: Expensing Stock Options

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Case Details:

Case Code : BSTA027
Case Length : 17 Pages
Period : 1974 - 2004
Organization : Infosys
Pub Date : 2004
Teaching Note :Not Available
Countries : Global
Industry : Information Technology

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This case study was compiled from published sources, and is intended to be used as a basis for class discussion. It is not intended to illustrate either effective or ineffective handling of a management situation. Nor is it a primary information source.

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Excerpts Contd...

The Indian Scenario

In India, stock options issued by listed companies were regulated by the elaborate SEBI ESOP Guidelines , They required complete disclosure with respect to the options granted, including the pricing formula, options vested, options exercised, the number of shares arising as a result of the exercise of options, options lapsed, variation of terms of options, money realized by exercise of options, the employee-wise details of the options granted and the diluted earnings per share...

The Scenario at Infosys

Infosys made its IPO in February 1993 and was listed on Indian stock exchanges in June 1993. Trading opened at Rs 145 per share compared to the IPO price of Rs 95 per share.

In October 1994, Infosys made a private placement of 5,50,000 shares at Rs 450 each to Foreign Institutional Investors (FIIs), Financial Institutions (FIs) and Corporates...

Looking Forward

The rise in the Bombay Stock Exchange's (BSE) benchmark 30-share price index had led to jubilation among Infosys employees. As the BSE's benchmark index rose, the ESOP story was gaining momentum on the bourses...


Exhibit I: Infosys - Corporate Profile
Exhibit II: Infosys - Key Milestones
Exhibit III: Infosys - Summary Financials
Exhibit IV: Infosys - Stock Chart (1999 - 2004)
Exhibit V: Effect of Fair Value Method on Net Income & EPS of Infosys
Exhibit VI: Stock Option Expensing Under US GAAP
Exhibit VII: Stock Option Expensing Under SEBI Guidelines
Exhibit VIII: Infosys - Stock Options under 1998 Plan
Exhibit IX: Infosys - Stock Options under 1999 Plan

Exhibit X: Infosys - Stock Data
Exhibit XI: Infosys - Products & Services
Exhibit XII: Infosys - Five-Year Financials
Exhibit XIII: Infosys - 2003 Sales


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