Team News Riveting
Raipur, March 5
Jindal Steel and Power Limited (JSPL), a leading Indian conglomerate with a dominant presence in steel, power, mining and infrastructure, has approved the Jindal Steel and Power Employee Benefit Scheme-2022.
In a regulatory filing, JSPL informed that a meeting of Board of Directors of the Company was held on Friday that concluded at 04.30 pm. The meeting inter-alia transacted the following businesses:
1. Considered and approved Jindal Steel & Power Employee Benefit Scheme – 2022 (“Scheme”), brief details of which are as under:
1.1 The Option Pool of the Scheme shall be 5,10,00,798 (Five Crore Ten Lakh Seven Hundred and Ninety Eight) Employee Stock Options (“Options”) (or such other adjusted figure for
any bonus, stock splits or consolidations or other reorganization of the capital structure of the Company as may be applicable from time to time) exercisable into 5,10,00,798 (Five
Crore Ten Lakh Seven Hundred and Ninety Eight) Equity Shares of face value Re.1/- each (or such other adjusted figure for any bonus, stock splits or consolidations or other reorganization of the capital structure of the Company as may be applicable from time to time),
1.2 The Scheme shall be administered by the Nomination and Remuneration Committee of the Company and shall be implemented through Trust route wherein the Trust shall acquire the Equity Shares by way of secondary acquisition and/ or Fresh allotment from the Company.
1.3 The exercise price will be decided in compliance with SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 at the time of grant of Options.
The Board of Directors also approved provision of money by the Company for purchase of its own shares by the Trust/Trustees for the benefit of Employees under Jindal Steel & Power Employee Benefit Scheme – 2022.
