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RCom to issue 1.75 cr shares under ESOP
New Delhi, March 10, 2008
Anil Ambani-promoted Reliance Communications on Sunday said it
would issue 1.75 crore shares under employees stock options to
20,000 staff members of the company and its subsidiaries.
If one goes by Reliance Communications' closing share price of
Rs 543.35 on the Bombay Stock Exchange on March 7, the issue
of ESOPs would amount to about Rs 950 crore.
Claiming that it is the largest ESOP rollout by any Indian
telecom service provider, Reliance Communications said in a
release that the initiative is in line with the groups' policy
to create value for stakeholders, external and internal.
The company said each option would be exercisable into equal
number of fully paid-up equity shares of Reliance
Communications.
"The options would be vested at the end of one year from the
date of grant and shall be eligible for exercise up to a
period of nine years from the date of vesting," the company
said.
The employee stock option scheme recognizes the efforts of our
employees and aims to reward them for contributing towards the
transformation of Reliance Communications as the most
profitable Indian telecom enterprise, and among Asia’s top 5
most valuable companies within a short span of two years,
Reliance Communications Chairman Anil Ambani said.
The company has undergone extensive research based on
intricate scientific models to formulate an innovative 3-tier
model that would consider multiple parameters including number
of years in the company, role, contribution, experience
amongst others.
The shareholders of Reliance Communications had passed the
resolution of grant of securities under the ESOP scheme last
year.
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