Jindal Steel Grant stock options to employees & its Subsidiary

Jindal Steel & Power Ltd has announced that the Compensation Committee of the Board of Directors of the Company constituted for implementation of Employees Stock Option Scheme - 2005 (ESOS - 2005), on April 27, 2007, has approved by circulation, grant of 1,21,250 Stock options to the employees of the Company and 15,700 Stock options to the employees of its subsidiary namely, Jindal Power Ltd under Series III in accordance with the said Scheme and Stock Option Plan - 2005.

The price per share to be allotted on exercise of options is Rs 1819.00.

No upfront amount is payable on grant on Options.

Vesting of Options is as under:-
i. 50% of the Options granted to the employees shall be vested on April 27, 2009.
ii. 25% of the options granted to the employees shall be vested on April 27, 2010.
iii. 25% of the options granted to the employees shall be vested on April 27, 2011.
The Options shall be exercised within six months from the date of vesting.

Source : Equity Bulls

Keywords