Bharat Petroleum Corp Ltd (BPCL)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.”
Two per cent stake in the company will be opened up for the staff out of 9.33 per cent shares that the 'BPCL Trust for Investment in Shares' holds, a source revealed to PTI. The employees will be given an opportunity to become shareholders at one-third of the cost of BPCL scrip in the six months leading to the time of the sale.
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.
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