Anil Ambani-led Reliance Capital (RCL) on Thursday announced the launch of the Employee Stock Option (ESOP) Scheme 2015, subject to requisite approvals. The company proposed to grant ESOPs with a notional value of around Rs 150 crore to 250 employees across its various group units, as part of this scheme.
Under the Scheme, eligible employees will get options on RCL listed stock and / or phantom shares of its businesses. 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 ESOPs comprise of 6,46,080 shares of Reliance Capital and the balance as Phantom Shares of operating subsidiaries. The grants have been approved by the Board of Directors of Reliance Capital and the respective group companies.
It 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.
“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,” said Amitabh Jhunjhunwala, vice chairman, Reliance Capital.