Vodafone Idea Mulls Issue Of Up To 34.85 Crore Employee Stock Option Units
The option exercise price shall be the market price of the shares one day prior to the date of the grant, the company said.
Vodafone Idea Ltd. launched its new employee stock option plans, under which it’s considering issuance of up to 34.85 crore shares or 0.50% of equity share capital of the company, it said in an exchange filing on Wednesday. The scheme is called Vodafone Idea Limited Employee Stock Option and Performance Stock Unit Scheme 2024.
Approved by the board of directors, under this scheme, the telecom giant will issue stocks to eligible employees of the company, subsidiaries and associate companies. The issuance is subjected to approval from shareholders.
The option exercise price shall be the market price of the shares one day prior to the date of the grant, Vodafone Idea said. The performance stock unit exercise price shall be the date value of the shares at the date of granting options.
The grantee will be able to exercise within a maximum period of five years from the date of granting respective options and performance stock unit options or such other period, as may be determined by its Nomination and Renumeration Committee from time to time, subject to applicable laws, the company said.
The option and performance stock unit option will be entitled to one share with a face value of Rs 10 against each options exercised.
Vodafone Idea has 6,970 crore total outstanding share as of June 30. Out of the outstanding share, promoters own 37.17%, and public owns 62.83%.
