How Much Is L&T Chief AM Naik Worth?
Ever wonder how much AM Naik is worth?
The group executive chairman of Larsen and Toubro Ltd., Anilkumar M Naik recently announced his intention to pledge 75 percent of his total income to charity as he prepares to retire as the chairman of the conglomerate in one year.
But how much is the man worth?
The 74-year-old chairman as of September 7, 2016, has a total estimated worth of Rs 403 crore, according to data compiled by BloombergQuint. This is the value of equity and stock options and does not include the total remuneration that he receives as the director of L&T.
Naik holds a total of 10.25 lakh shares in the construction major, according to L&T’s annual report of 2015-16. The current market value of his L&T shares is Rs 155 crore. This is 0.11 percent of the total shares of the company, the annual report adds.
L&T Infotech, a subsidiary of L&T, recently got listed on the stock exchange. This listing helped Naik add to his networth as he has 12.28 lakh stock options yet to be exercised, according to the draft red herring prospectus of L&T Infotech.
Additionally, Naik holds 8,71,875 shares or 0.51 percent in L&T Infotech. The total worth of Naik’s shares along with stock options in L&T Infotech stands at Rs 137 crore, based on the closing price of September 7, 2016.
Recently, another arm of Larsen and Toubro, L&T Technology Services Ltd., announced its intention to float an initial public offering. Naik, as the director on the board of the company, has been granted 13 lakh stock options, according to the company’s IPO filing. The offer is priced at Rs 850-860. At the upper end of that price band, the worth of stock options held by Naik in L&T Technology Services stands at Rs 111 crore.
Other than the various stock options and shares, Naik also receives a total remuneration as a director of Larsen and Toubro. He takes home Rs 66.14 crore per annum, according to the company’s 2015-16 annual report. This includes the value of perquisites, allowances, and other compensation.