New Delhi: Public sector company Bharat Petroleum Corporation Ltd. (BPCL) has offered its employees the Share option at one-third the market price. The company has taken this step to ‘reward’ its employees before privatization. In a communication sent to the stock markets, the company said that its board of directors meeting on Friday approved the proposed Employee Share Purchase Scheme (ESPS). The approval of shareholders will be taken for this.
Although BPCL has not given details of this, a source related to the case said that ‘BPCL Trust for Investment in Shares’ holds 9.33 per cent stake in the paid-up share capital of the company. Of this, two percent stake will be offered to the employees at one-third of the average price of the last six months. There will be no change in the government’s shareholding in the company. The government is going to sell its entire 52.98 percent stake in BPCL to a strategic investor. September 30 is the last date for submitting a letter of request (EOI) for privatization of the company.
