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IIFL Securities enhances employee engagement with grant of 3,69,500 stock options under ESOP Scheme 2018

IIFL Securities Limited has made a significant move to enhance employee engagement by granting 3,69,500 stock options to its identified employees under the ‘IIFL Securities Employee Stock Option Scheme – 2018’ (IIFL ESOS Scheme-2018), on June 14, 2024. The company’s Nomination and Remuneration Committee (NRC) approved this grant through a circular resolution, demonstrating a strong commitment to retaining and motivating its workforce,  as per an exchange filing.

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The stocks of IIFL Securities closed in gree, up 0.71 per cent on June 14, at 221.05 on BSE. IIFL Securities share price is down over 3 per cent from its 52-week high of 228.60, as per NSE. The company’s share price reached its 52-week high on June 11, 2024. The company enjoys a market capitalisation of 6,811.18 crore, as per BSE.

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The granted stock options, which are in compliance with SEBI’s Share Based Employee Benefits Regulations, 2021, are convertible into one fully paid-up equity share each. This initiative aligns with IIFL Securities’ broader strategy to foster a sense of ownership and long-term dedication among its employees. The detailed terms of the stock options reveal a robust plan to integrate employee interests with the company’s growth trajectory.

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The specifics of the grant include the issuance of 3,69,500 options, each with an exercise price of Rs. 189.45. The vesting schedule spans four years from the date of the grant, ensuring that employees are gradually rewarded for their continued service and contribution to the company. Additionally, the options can be exercised within seven years from the date of the grant, providing ample time for employees to benefit from this incentive.

 

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Published: 16 Jun 2024, 10:22 AM IST

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