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BPCL To Offer ESOPs To Employees Before Privatisation
Privatisation of BPCL is impending and ahead it state-run company has decided to reward its employees with ESOPs at one-third the market rate. In a filing the board said, "approved the proposed Employee Stock Purchase Scheme (ESPS) to the specified employees through the trust mechanism, subject to the approval of the shareholders". "BPCL Trust for Investment in Shares' holds around 9.33% stake of the company's paid-up share capital," PTI reported a source as saying.
And of this holding, 2% shall be provided to employees at one third the price of the BPCL share in the previous six months. The centre is looking to divest all of its stake in the company to a strategic investor. For the ongoing fiscal year, the government's divestment target is at Rs. 2.1 lakh crore. The expression of interest is due on September 30,2020.
As part of the ESOP, employees shall be extended scrips basis their rank in the company. Directors will also be given out ESOPs. Also, the ESPS, the shares will be under one year lock in.
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