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Grant of ESOP

| Updated on December 23, 2011 Published on December 23, 2011

Power Finance Corporation Ltd has informed BSE that pursuant to the resolution passed by the shareholders at the Annual General Meeting held on September 21, 2010, the Remuneration Committee of Directors of the Company in its meeting held on December 23, 2011, have approved grant of 88,040 options to regular employees of the Company through PFC Employees Welfare Trust at a price of Rs. 176.05 per option exclusive of face value of Rs. 10/- per Share (i.e. closing price of the equity shares of the Company on July 28, 2011 on National Stock Exchange, less face value of Rs. 10/- per share) w.e.f. July 29, 2011, convertible into equivalent equity shares of Rs. 10/- each. The vested option shall be exercisable as per the ESOP Policy of PFC within such period but not exceeding 2 years from date of vesting options.

Further, the committee has withheld 11,735 options relating to employees who were on the roll of the Company in the FY 2009-10, but have separated due to retirement, resignation and also employees who are due for retirement before vesting of option or on deputation until a clarification is received from Department of Public Enterprises Ministry Heavy Industries, Govt. of India.

Source : BSE - >www.bseindia.com

Published on December 23, 2011
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