Sunteck Realty announces ESOPs providing upto 4.76% of Company's Equity

Mumbai - March 31, 2010: Following the lines of IT companies, Sunteck Realty Limited announced its plans to roll out Employee Stock Option Plan (ESOPs) at its board meeting held in Mumbai. The Board has decided to provide ESOPs up to 4.76% of the company's equity, currently valued at approx. Rs 180 crores (US$38 million). The company has a current market cap of Rs 3600 crores (approx. US$800 mn).

Mr. Kamal Khetan stated "the proposed ESOPs will help us strengthen employee benefits plan which aligns the long term interest of our employees with those of our shareholders. We strongly believe that ESOPs shall have a very positive impact on employee productivity and goals."

The stock closed the day at Rs.579.15, up by Rs.6.95 or 1.21%. The stock hit an intraday high of Rs.582.45 and low of Rs.559.95.

The total traded quantity was 45732 compared to 2 week average of 59642.

Source : Equity Bulls

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