Mumbai, Mar 9 (UNI) India's largest integrated telecom service provider, Reliance Communications (RCom) today announced a first of its kind and unique Employee Stock Options Scheme (ESOP) to over 20,000 of its employees.
Rewarding the employees for participating in its unprecedented success, the Company has approved grant of 17.5 million ESOP's to eligible employees based on specific criteria.
The ESOP would cover employees in RCom and its subsidiaries, the company said in a release here.
Reliance ADA group Chairman Anil Ambani in a release here, said, ''The Employee Stock Option Scheme truly recognises 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 five most valuable companies within a short span of two years.'' The Company had undergone extensive research based on intricate scientific models to formulate an innovative three-tier Model that would consider multiple parameters to derive at number of options to be granted to every individual employee. These parameters included a number of years in the company, Role, Contribution, Experience amongst others while, categorisation under Founder's Club, Pioneer's Club and Growth Club.
Each option would be exercisable into equal number of fully paid-up equity shares of RCom. The options will vest 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 as prescribed in the Exercise Schedule of the respective Plan(s). The Shareholders of RCom had passed the resolution of grant of securities under the ESOS scheme, last year.
An ESOS Committee of Independent Directors of the Board was constituted to administer the ESOS.
RCom was quoted at Rs 543.35 at the weekend's closing on March 7.
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