State-owned Bharat Petroleum Corp Ltd (BPCL) has offered its employees stock options at the one-third of the market price as the company looks to reward staff ahead of its privatisation.
The board of BPCL on Friday approved the proposed Employee Stock Purchase Scheme (ESPS) to the specified employees through the trust mechanism, subject to the approval of the shareholders, the company said in a regulatory filing.
While BPCL did not give details, a source with direct knowledge of the development said ‘BPCL Trust for Investment in Shares’ holds around 9.33 percent stake of the company’s paid-up share capital.
Of this, 2 percent will be offered to employees at one-third the price of BPCL scrip in the preceding six months, he said.
There will be no change in government’s shareholding in the company. The government is selling all of its 52.98 percent stake in BPCL to a strategic investor. Expression of Interest (EoI) for the privatisation is due on September 30.