30th-Apr-2012 17:42Source: BSE

Power Finance - Grant of ESOP

Power Finance Corporation Ltd has informed BSE that Pursuant to the resolution passed by the shareholders at the Annual General Meeting held on September 21, 2010, the Remuneration Committee of Directors of the Company in its meeting held on April 30, 2012, have approved grant of 92,964 options to regular employees of the Company through PFC Employees Welfare Trust at a price of Rs. 160.75 per option exclusive of face value of Rs. 10/- per Share (i.e. closing price of the equity shares of the Company on April 28, 2012 on National Stock Exchange, less face value of Rs. 10/- per share) w.e.f. April 30, 2012, convertible into equivalent equity shares of Rs. 10/-each. The options will vest after a period of one year w.e.f. April 30, 2012. The vested option shall be exercisable as per the ESOP Policy of PFC within such period but not exceeding 2 years from date of vesting of options.

Further, the committee has withheld 10,648 options relating to employees who were on the roll of the Company in the FY 2010-11, but have separated due to retirement, resignation and also employees who are due for retirement before vesting of option or on deputation until a clarification is received from Department of Public Enterprises Ministry Heavy Industries, Govt. of India.