Indiabulls Financial Services is seeking a shareholders’ nod for the new Employee Stock Option Plan (Esop). In a filing at the Bombay Stock Exchange today, the company said the board of directors had given an in-principle approval for the launch of the new scheme, Employee Stock Option Plan-2008.
The intimation further added that the proposed Esop will cover 75,00,000 equity options convertible into an equal number of equity shares of face value of Rs 2 each.Earlier, the company cancelled the Employee Stock Option Plan-2005, covering 50,00,000 stock options as well as IBFSL-ICSL Employees Stock Option Plan IIM-2006, covering 14,40,000 stock options.
Under the new scheme, all permanent employees of the company and its subsidiaries would be entitled to participate in the Esop. The exercise price will be the market price on the date of grant of option with a maximum period of vesting at 10 years, whereas the exercise period will be 5 years from the date of vesting.