To motivate its employees, a subsidiary of Anil Ambani-led Reliance Group is set to hand out stock options worth Rs 150 crore to "select" executives across all its major divisions.
Under this employee stock ownership plan (ESOP) scheme, Reliance Capital will give stock options to 250 employees in the company and its major businesses.
The employees of Reliance Capital Asset Management, Reliance Commercial Finance, Reliance Life Insurance, Reliance Securities and Reliance General Insurance will also benefit from the programme.
All the CEOs and senior executives of its major business divisions will also be included under the ESOP grant.
"ESOPs, linked to the growth of the company, will provide long-term wealth creation opportunities to key talent," NDTV Profit quoted Reliance Capital's Vice Chairman Amitabh Jhunjhunwala as saying.
"This will not only help us reward and retain talent, but also align the employees' sense of ownership with the business," he added.
Reliance Capital said that the employees eligible for the grant would receive "options on Reliance Capital's listed stock and/or phantom shares of its businesses".
The notional value of the proposed ESOP grant accounts for 1.6% of market capitalisation of Reliance Capital, with the eligible employees getting 6,46,080 shares of the company.
"The ESOP scheme is an integral part of our Employee Rewards program, aimed towards driving and recognising superior performance. It will be our endeavour to consistently expand the scale and reach of our Rewards program through various such initiatives," Reliance Capital's Chief People Officer Pushkar Singh Kataria said.
