Bangalore, Oct 9: Bangalore-based Subex Systems Ltd has announced a second employee stock option plan -- Esop II, covering 100 per cent of its employees. The company had earmarked 5,00,000 equity shares for this purpose."Under Esop-II, all the Subexians at all levels will be eligible for the stock options. This will include those who were not covered in Subex Systems and Subex Technologies Inc USA,'' said Subex Systems Ltd managing director Suresh Menon.
The first release of shares under Esop-II will be made after the company's extraordinary general meeting to be held here on October 30, 2000. This is in addition to the 2.5 lakh shares already alloted under the Esop-I. The additional issue of shares for the purpose of Esop-II will enhance the equity base of the company to 76.2 lakh shares worth Rs 7.62 crore.
The options will be issued at a discount to the market price and will have a lock-in of four years.
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