The board of directors of state-owned Bharat Petroleum Corporation Ltd (BPCL) has decided to offer stake in the company to employees through Employee Stock Options (ESOPs) ahead of its privatisation.
The board of 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 company stated in a regulatory filing.
"The Trust formed for the purpose shall purchase the aforesaid shares from the 'BPCL Trust for Investment in Shares' by way of secondary acquisition through the stock exchanges as per the SEBI (Share Based Employee Benefits) Regulations, 2014 and other applicable laws," the company said in the regulatory filing.
Last month, BPCL offered a voluntary retirement scheme (VRS) to some of its employees.
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