PSU Oil Giant BPCL Offers Stock Options To Employees At One-Third The Market Rate Ahead Of Privatisation

Bharat Petroleum Corporation Limited (BPCL) is set to be privatised with Expression of Interest for the same being due at the end of the ongoing month. Ahead of finalising on the potential bidders, the PSU is offering stock options to its staff at one-third of market price, Press Trust of India has reported.

Detailing on this initiative in a regulatory filing, the BPCL, “approved the proposed Employee Stock Purchase Scheme (ESPS) to the specified employees through the trust mechanism, subject to the approval of the shareholders.”

The stocks offered to the staff members will have a one-year lock-in period and its number will differ according to the seniority of the individuals involved. However, this scheme is subject to the approval of the shareholders and hence a decisive call will be taken on it in the Annual General Meeting later this month.