Mumbai, Aug 23 - Reliance Capital Ltd, part of the Anil D. Ambani-led Reliance Group, announced the launch of the Employees' Stock Option (ESOP) Scheme 2017.
The company said that under the scheme it has granted ESOPs with a notional value of approximately Rs 300 crore to 500 employees across its various group units, and eligible employees have received options on Reliance Capital listed stock and/or phantom shares of its unlisted operating businesses.
The ESOPs comprise of 9,21,000 shares of Reliance Capital plus shares/ phantom shares of operating subsidiaries and associates.
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 incentivising key employees for their contribution to the growth and profitability of the company, the statement said.
"We are delighted to offer ESOPs that will enable our key talent to participate in the long term wealth creation opportunities, linked to the growth of the Company.
"The Scheme will help us attract, retain and reward talent and also align the employees' sense of ownership with the company," Anmol Ambani, Executive Director, Reliance Capital, was quoted as saying in the statement.
The scheme will be applicable to employees of Reliance Capital and its businesses -- including Reliance Nippon Life Asset Management, Reliance Commercial Finance, Reliance Home Finance, Reliance Nippon Life Insurance, Reliance General Insurance and Reliance Securities.
The options vest over a period of four years, with customary lock-in period.