New Delhi, April 7 :     NIIT has reviewed the terms of its present employee stock option scheme and the grants made thereunder. The company has taken this decision in view of the recent developments in the Indian capital markets. Previous grants made by the company will now be replaced by the new grant at an exercise price of Rs 1,593, this being the closing price on the Bombay Stock Exchange (BSE) today. The decision is subject to approval by the company's shareholders. The recommendation of a variation in the terms of the NIIT ESOP is as per clause 7 of the Securities and Exchange Board of India (Sebi) Act, relating to ESOP scheme and in accordance with Employee Stock Option Scheme guidelines, 1999. 'The step has been taken with the objective of enhancing the values and effectiveness of the scheme for NIIT employees,' a company spokesperson said. 'NIIT has endeavoured to create an environment that enhances employees satisfaction levels. The decision of the company is very significant for NIIT employees since it has enhanced the value and effectiveness of ESOP at NIIT,' he said.