Bharti plans maiden staff stock option

Bharti Tele-Ventures is readying an employee stock option scheme "" Esop 2005 "" under which 93.67 lakh options will be issued to its eligible employees. The current valuation of 93.67 options is closed to Rs 300 crore.

Under the Esop scheme, eligible employees "" directors, managers, technicians and permanent cadre "" will be entitled to be granted up to one lakh stock options in any financial year.

The company had 98 employees under the managerial cadre drawing a yearly gross remuneration of over Rs 24 lakh as on March 31, 2005.

The objective of the scheme is to give performing employees an opportunity to gain from the company's financial health, thereby acting as a retention tool.

Based on their technical knowledge, period of service and designation, the employees and directors will be granted stock options.

The statement of particulars under Section 217(2A) of the Companies Act, 1956 show the company has 11 crorepati employees with annual remuneration of over Rs 1 crore each.

The promoter and chairman & managing director tops the remuneration chart with an annual pay packet of Rs 6.58 crore. Joint Managing Director Akhil Gupta and Rajan Mittal and, corporate director Jai Menon, took home over Rs 2 crore last year.