State owned Bharat Petroleum Corp Ltd (BPCL) has approved to offer its employees stock options at one third of the market price ahead of its privatisation as Expression of Interest (EoI) which is due on September 30.

The board of BPCL “approved the proposed Employee Stock Purchase Scheme (ESPS) to the specified employees through the trust mechanism, subject to the approval of the shareholders”.

Mumbai based Bharat Petroleum Corporation Limited is an Indian public sector oil and gas company. The Corporation currently operates two large refineries located in Kochi and Mumbai.

In terms of Regulation 30 of SEBT (Listing Obligations & Disclosure Requirements) Regulations, 2015, this is to inform you that the Board of Directors at the meeting held on 4.9.2020 has approved the proposed Employee Stock Purchase Scheme (ESPS) to the specified employees through the Trust mechanism. subject to the approval of the shareholders. The Trust formed for the purpose shall purchase the aforesaid Shares from the ‘BPCL Trust for Investment in Shares’ by way of secondary acquisition through the stock exchanges as per the SEBI (Share Based Employee Benefits) Regulations, 2014 and other applicable laws. The company said in its BSE regulatory filing.

“The Trust formed for the purpose shall purchase the aforesaid shares from the ‘BPCL Trust for Investment in Shares’ by way of secondary acquisition through the stock exchanges as per the SEBI (Share Based Employee Benefits) Regulations, 2014 and other applicable laws,” the company stated.

The 67th Annual General Meeting of the Company is scheduled to be held on Monday, 28th September 2020 at 11:00 hrs (IST) through video conferencing or Other Audio Visual Means.

On September 4th, the stock closed at Rs. 404.00 on the NSE.

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TOPICS: AGM BPCL