Mumbai, Oct 15 (IANS) In order to reward and retain employees, Reliance Capital Ltd on Thursday announced launch of Employee Stock Option (ESOP) Scheme 2015 for its and its subsidiaries’ employees.
In a statement issued here, the Anil Ambani led Reliance Group company said the ESOP scheme, in which it proposes to grant ESOPs with a notional value of approximately Rs.150 crore to 250 employees across its various group units, will be subject to regulatory approvals.
Under the scheme, eligible employees will get options on RCL listed stock and/or phantom shares of its businesses, it said.
The ESOPs comprise of 6,46,080 shares of Reliance Capital and the balance of phantom shares of operating subsidiaries.
“The grants have been approved by the Board of Directors of Reliance Capital and the respective group companies. The scheme is part of Reliance Capital’s Rewards Programme aimed at retaining and incentivizing key employees for their contribution to the growth and profitability of the Company,” the statement added.
“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,” Reliance Capital’s vice chairman Amitabh Jhunjhunwala was quoted as saying in the statement.
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.
The options vest over a period of five years, with customary lock-in period.