JSW Group has announced to offer around 1.6 Cr (16 million) shares worth about Rs 1,000 crore in a comprehensive employee stock option plan (ESOP) to reward all employees of JSW Steel and JSW Energy.
The Esop will cover all employees from top executives to shop floor employees. The lower grade employees will get 60% of their annual cost to company (CTC) as ESOP while it will be 20% of CTC for top-level employees. The share allotment would vary between 1,000 to 2,000 shares per employee, with the low-grade employees getting the maximum allotment.
The ESOP would be payable at a face of Re 1 per share. On an allotment of 1,000 shares, employees have to pay INR 1,000 and it would be valued at INR 7.50 lakh at the current market price of INR 750 a share. Further Mr. Dilip Pattanayak, President, Human Assets, at JSW Group said “The Esop plan does not impact the employee compensation in any way. In fact, it is in addition to the gross CTC“.