BPCL plans to offer 2% stake to employees through ESOPs

The board of directors of Bharat Petroleum Corporation Ltd (BPCL) on Friday decided to offer 2 per cent stake in the company to employees through Employee Stock Options (ESOPs), pending approval by shareholders in the company’s annual general meeting.

According to sources, all employees of BPCL who have worked for the company for at least 5 years, numbering around 10,000, will be offered ESOPs under the scheme. ESOPs are options given to employees to purchase shares of the company, often, at a discounted rate from market value.

“The employees will be offered the shares at a two-thirds discount from the average share price for the preceding six months from the date of the annual general meeting,” said a source.