Reliance Capital Ltd, a part of Anil Ambani-led Reliance Group has announced an Employee Stock Option (ESOP) Scheme with a notional value of Rs. 150 crore to 250 employees across its various group units subject to necessary approvals.
Under the Scheme, eligible employees will get options on RCL listed stock and / or phantom shares of its businesses, the company said on Thursday.
The ESOPs comprise of 6,46,080 shares of Reliance Capital and the balance as Phantom Shares of operating subsidiaries. The grants have been approved by the Board of Directors of the company and the respective group companies.
The company said the scheme is part of its Rewards Programme aimed at retaining and incentivizing key employees for their contribution to the growth and profitability of the Company.
“We are delighted to launch ESOPs that will provide long term wealth creation opportunities to key talent, linked to the growth of the company. This will not only help us reward and retain talent, but also align the employees’ sense of ownership with the business,” said Amitabh Jhunjhunwala, Vice Chairman, Reliance Capital.
The scheme will be applicable to employees of Reliance Capital and its businesses including Reliance Capital Asset Management, Reliance Commercial Finance, Reliance Life Insurance, Reliance Securities and Reliance General Insurance. Some of the key top executives who will benefit include Sam Ghosh, Madhusudan Kela and CEOs of Reliance Capital’s various businesses.
The options vest over a period of 5 years, with customary lock-in period. Reliance Capital stock closed with a gain of 1.96 per cent at Rs. 403.15 on the BSE.
