NIIT, an infotech solutions major with a market capitalisation over $1.8 billion, has decided to go in for another round of employees stock options (Esop) scheme.
According to a senior executive of NIIT, "The Esop scheme is likely to be finalised before the end of 1999."
However, the executive clarified that for this the company would not go in for equity expansion.
In the second round 150-odd senior executives of NIIT, based in India, are likely to be given the stock options at rate much cheaper than the prevailing share price of NIIT stocks.
Last time round when the top rung of the NIIT executives were offered a stock option it was made available to them at a price which was about 35 per cent cheaper than the then prevailing market price of NIIT shares.
The NIIT share price on Friday at the BSE closed at Rs 2134.40. On Thursday, the NIIT scrip opened at Rs 2386 and closed at Rs 2320.
The NIIT executive pointed out that the modalities of making the Esop scheme available to NIIT employees abroad has not yet been decided upon.
"Since NIIT is not yet listed in any non-Indian stock exchange, how and when to give stock options to employees abroad has not been finalised," the executive added.
NIIT employs 3,753 people in 31 countries. Out of this, about 90 per cent are based in India.
NIIT operates through 18 wholly-owned subsidiaries and two joint ventures in the places like the US, Europe, Asean and Japan. Its headquartered in Delhi.
Founded in 1981, NIIT has grown to be the 3rd-largest IT company in India. It recorded gross revenues of over Rs 648 crore in the year ended September 30, 1998 and has grown at a CAGR of over 60 per cent in the last five years.
Announcing the 9-month results on Thursday, NIIT's managing director, Rajendra Pawar, had said that the company is shifting its focus from being a services company to products and solutions segments.
Pawar pointed out that the last several months were spent in creating a suit
