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NIIT Board approves ESOP Scheme

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CIOL Bureau
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BANGALORE: The Board of Directors of NIIT has approved the Employees' Stock Option Plan (ESOP) Scheme for its global employees at the Board Meeting held here on November 22, 1999. According to a company release, in the first phase, NIIT plans to cover about one third of the employees by issuing options up to a maximum of five per cent of its current equity base of Rs 38.65 crores. The Scheme is pursuant to the SEBI Guidelines and is subject to approval by the shareholders at the forthcoming Annual General Meeting in January 2000.

The board approved grant of options to eligible employees at a grant price which is the closing price on the stock exchange where the shares are listed and which has the highest trading volume on November 22, 1999, the grant date. The company had offered one per cent of company's equity to over 1,000 employees at the time of its Initial Public Offering in 1993.

NIIT ESOP Scheme intends to cover key global employees of NIIT and its overseas subsidiaries. The ESOP grant is based on a number of parameters like performance level, consistent improvements in EVA and potential to contribute to NIIT's growth, the release said.

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