Rel Cap to allot ESOPs worth Rs100 cr

Rel Cap to allot ESOPs worth Rs100 cr
PTI
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First Published: Wed, Sep 09 2009. 11 10 AM IST
Updated: Wed, Sep 09 2009. 11 10 AM IST
New Delhi: Anil Dhirubhai Ambani Group (ADAG) company, Reliance Capital, on Wednesday said it will issue shares under the employee stock option plan worth over Rs100 crore.
Reliance Capital will issue 12 lakh shares in the first tranche under the employee stock option plan (ESOP) valued over Rs100 crore, representing 0.5% of the company’s equity, which will cover 500 employees of the parent company and all major businesses, the release said.
The company already has shareholders’ approval to issue shares up to 5% under the ESOP and the total limit would be implemented in phases over the next several years, Reliance Capital said in a statement.
“ESOPs are viewed as attractive retention strategy and are also to be utilised to attract new talent to the company and to be an integral part of aggregate compensation for top management team,” the release said.
The ESOPs will be exercised up to the tenth year from the date of grant and it will be an ongoing annual exercise, it said.
Shares of Reliance Capital were trading at Rs98.85 on the BSE, down 0.82% from previous close.
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First Published: Wed, Sep 09 2009. 11 10 AM IST