Muthoot Finance announce maiden ESOP

Muthoot Finance Limited [MFL] has announced to launch of its maiden Employee Stock Options Plan (ESOP). The plan was approved as a special resolution in the company Annual General Meeting held last week at Kochi. All permanent employees of the company including Directors would be entitled in the scheme.

The plan will grant employee stock options to employees through one or more employee stock options schemes. A press release of the company said that the Options convertible in to such number of equity shares not exceeding 3% of the paid up capital at any point of time.

Each option (after it is vested) will be exercisable for one Equity share of Rs 10 each fully paid up. Options can be exercised within a period of eight years from the date of granting.

M G George Muthoot, Chairman, Muthoot Finance said that the plan would not only enable the Company to reward past loyalty and performance but also attract and retain the best talent besides enabling employees to develop a greater sense of ownership with the organization. Muthoot Finance has 24,846 employees on its pay roll as of now.

The Company is listed on both National Stock Exchange and Bombay Stock Exchange.