Under ESOP RCom to issue 1.75 crore shares

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New Delhi, Mar 9 (UNI) Reliance Communications today said it will issue 1.75 crore shares under Employees Stock Options (ESOP) to 20,000 staff members of the company and its subsidiaries.

Claiming that it is the largest ESOP rollout by any Indian telecom service provider, the company said in a statement that the initiative is in line with the group's policy to create value for stakeholders, external and internal.

Each option will be exercisable into equal number of fully paid-up equity shares of Reliance Communications, it added.

''The options will 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,'' it said.

The ESOP 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, 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 will consider multiple parameters including the number of years in the company, role, contribution, experience amongst others.

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