Name Change: The company changed its name to Infosys Technologies Private Limited in April 1992 and to Infosys Technologies Limited when it became a public limited company in June 1992. It was later renamed to Infosys Limited in June 2011.
Share listing:An initial public offer (IPO) in February 1993 with an offer price of ₹95 (equivalent to ₹490 or US$7.50 in 2017) per share against book value of ₹20 (equivalent to ₹100 or US$1.60 in 2017) per share. The Infosys IPO was under subscribed but it was "bailed out" by US investment bank Morgan Stanley which picked up 13% of equity at the offer price. Its shares were listed in stock exchanges in June 1993 with trading opening at ₹145 (equivalent to ₹750 or US$11 in 2017) per share.
In 1996, Infosys established the Infosys Foundation, to support the underprivileged sections of society. At the outset, the Infosys Foundation implemented many programs in Karnataka. It subsequently covered Tamil Nadu, Telangana, Andhra Pradesh, Maharashtra, Odisha, and Punjab in a phased manner. A team at the foundation identifies all the programs in the areas of Health care, education, culture, destitute care and rural development. The Infosys Foundation USA promotes science and math education in USA, with an emphasis on under-represented students.
Over a period of time, the shareholding of its promoters has gradually reduced, starting from June 1993 when its shares were first listed. The promoters' holdings reduced further when Infosys became the first Indian-registered company to list Employees Stock Options Schemes and ADRs on NASDAQ on 11 March 1999. The promoter holding on 31 March 2002 was 28.72% and at 30 June 2017 it dropped to 12.75% as they gradually sold their shares and reduced involvement in active management of the company.
As the world's largest corporate university, the Infosys global education centre in the 337 acre campus has 400 instructors and 200 classrooms, with international benchmarks at its core. Established in 2002, it had trained around 125,000 engineering graduates by June 2015. It can train 14,000 employees at a given point of time on various technologies.
The Infosys Prize is an annual award given to Scientists, researchers, Engineers and social Scientists connected to India. It is given by the Infosys Science Foundation, a non-profit trust which was set up in February 2009 by Infosys and some members of its Board. The prize is given under six categories. Each category includes a gold medallion, a citation certificate, and prize money of ₹6.5 million (US$100,000).
Accusation of visa fraud
In 2011, Infosys was accused of committing visa fraud by using B-1 (visitor) visas for work requiring H-1B (work) visas. The allegations were initially made by an American employee of Infosys in an internal complaint. He subsequently sued the company, claiming that he was harassed and sidelined after speaking out. Although that case was dismissed, it along with another similar case, brought the allegations to the notice of the US authorities — and the U.S. Department of Homeland Security and a federal grand jury started investigating.
In October 2013, Infosys agreed to settle the civil suit with US authorities by paying US$34 million. Infosys refused to admit guilt and stressed that it only agreed to pay the fine to avoid the nuisance of 'prolonged litigation'. In its statement the company said "As reflected in the settlement, Infosys denies and disputes any claims of systemic visa fraud, misuse of visas for competitive advantage, or immigration abuse. Those claims are assertions that remain unproven".
Product and portfolio expansion: In July 2014, Infosys started a product subsidiary called, EdgeVerve Systems., focusing on enterprise software products for Business operations, customer Service, procurement and commerce network domains. In August 2015, the Finacle Global Banking Solutions assets were officially transferred from Infosys and became part of the product company EdgeVerve Systems product portfolio.
Displacement of American workers at Southern California Edison and Disney
In 2015, the Department of Labor began an investigation of Infosys after claims were made that the company used workers with H-1B visas to replace workers at Disney and Southern California Edison. Florida Sen. Bill Nelson also asked the Department of Homeland Security to investigate reports of layoffs at Disney. The investigation did not find any wrongdoing.
The attrition rate of Infosys Ltd., excluding its subsidiaries, for financial year 2017, was 15%.
Since its establishment in 1981 till 2014, the CEOs of Infosys were its promoters, with N. R. Narayanmurthy leading the company in its initial 21 years. Dr Vishal Sikka was the first non-promoter CEO of Infosys who worked for around 3 years. Dr Vishal Sikka resigned in August 2017. In a personal note to board colleagues, Dr. Sikka cites a 'drumbeat of distractions' and "false, baseless, malicious and increasingly personal attacks" as his reason for leaving Infosys. Many sources suspect this is in reference to a long running feud with Infosys Founders over the new direction Sikka was reportedly taking Infosys. After his resignation, UB Pravin Rao was appointed as Interim CEO and MD of Infosys. Infosys has appointed Salil Parekh chief executive officer (CEO) and managing Director (MD) of the company with effect from January 2, 2018, culminating the search of a CEO which began since the departure of Vishal Sikka in August due to a spat with the founders over various issues.